Bitcoin Price Analysis: BTC/USD Targets 2019 High

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The price of bitcoin jumped into the green during the Tuesday trading session.

The BTC/USD exchange rate settled a fresh intraday high of $12,829.96 ahead of the London market open. The move uphill brought the pair’s monthly gains up by 19.22 percent. At the same time, bitcoin’s market capitalization surged to $227.56 billion, per the data provided by CoinStats’ cryptocurrency portfolio management app.

bitcoin, bitcoin price
Bitcoin Price has Surged 2.2% in the Previous 24 Hours | Source: CoinStats’ Crypto Portfolio Management App

Exchanges posted $21.77 billion worth of bitcoin-enabled trading volume in the previous 24 hours, signifying a bullish case since the price and volume both were moving in the same direction. At the same time, the Real 10 Volume, which lists the trading data of top 10 trustable exchanges, noted approximately $2.53 billion worth of bitcoin trades.

Bitcoin Price to $13,868.44

The BTC/USD exchange rate extended its upside after breaking above a bullish pennant pattern structure.

bitcoin, bitcoin price
Bitcoin Price Breaks above Bull Pennant | Source: TradingView.com, Coinbase

As of now, the price is experiencing a slowdown in its upside action. It is appearing to run back to support provided by $12,000-11,862 area below. There is a possibility of a pullback from the said support which, if failed, could send the price back inside the bullish pennant structure.

On the other hand, the prior bullish trend is showing possibilities of bitcoin retesting its year-to-date high of $13,868.44. The price nevertheless has a crucial resistance level to beat at the $12,358 level before it forms a double top. A likelihood of traders placing a Long position towards either of those two levels is high.

Where do you think the price is heading? Tell us in the comment box below.

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