The Bitcoin bulls are decidedly back, today recording yet another 2019 high at USD 9,793 just hours ago, the second in only a week’s period. It is a strong rally that completely threw off the bears after Bitcoin had a bad start to the month, and while it is now trading at USD 9,720 at 9:00 am UTC (CoinDesk), there will be few doubting that the 10-thousand dollar head will be next on the chopping board.
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Asian traders were yet again at the fore, although North America also played a part, ensuring that price remained above USD 9,300 after picking up from the day’s low at USD 9,198. By the time China woke up, price was on the verge of breaking a new high, and sentiment merely picked up from there.
It has been many weeks since we last saw a 24-hour pattern that is generally on a non-stop ascending line, especially after bears took down gains in May. Today’s almost 5% jump from yesterday is also on the back of a good week, so technicals will be extra sharp for a likely positive sentiment through to the remainder of the month.
Fundamentals continue to also set records, with hashpower reaching a new all-time high this week, ensuring that the Bitcoin network has never been more secure in the same week that Facebook’s Libra crypto hits the news headlines.