Bitcoin has risen above $12,900 for the first time since Jan. 21, 2018, touching a new high for 2019 at $12,919, according to CoinDesk’s BPI data.
On June 26 at 03:00 UTC, Bitcoin broke out from a bullish pattern, rising in quick succession above $12,000 on strong momentum and high volatility. As of press time, the price has dropped back to above $12,500.
The last time bitcoin (BTC) changed hands above $12,000 in January 2018, prices were on the way down, amid the beginnings of a down trending bear market. This time, things are much different.
BTC continues to post impressive results up 40 percent in the month of June alone, while its year-to-year performance is up by more than 250 percent, according to data at Messari.io.
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In addition, there has been a strong backing of weekly volume since the new year began, with the exception given to March, that saw below-average volume traded over the month. This is a good sign for the bulls as the moves are backed by strong liquidity and buying pressure.
If momentum and market conditions maintain their current course, BTC could set its sights on $13,500 resistance in the coming days.
Should prices fall below $11,500 then consider a retest of the $11,000 psychological support zone, overall the trend remains very bullish.