The king has awakened.
After going back-and-forth for about two weeks, Bitcoin, the biggest cryptocurrency by market capitalization, finally broke above a pivotal resistance level of $8,500 after its price surged by almost ten percent.
At the time of writing, the BTC price is sitting at $8,692.46 with the possibility of a further breakout.
BTC is only going higher
As reported by U.Today, the BTC price plunged 20 percent on May 17 after recording a string of impressive gains.
The crash to $6,300 was allegedly caused by a lone actor who coincidentally placed a gargantuan sell order before that black swan event.
After the bears had their field day, the BTC price quickly rebounded with a 22 percent price increase as of May 27. Overall, the price of Bitcoin surged by a whopping 140 percent this year with many experts predicting higher numbers.
It is worth noting that Bitcoin’s 200-day MA indicator recently turned bullish for the first time in 2019.
Altcoins are following the lead
Other cryptocurrencies also started surging in synch with Bitcoin. Ethereum, the number one altcoin, surged above $270, and it is not far-fetched to assume that it may soon breach the $280 mark.
Bitcoin Cash and Litecoin both outperformed Bitcoin by recording double-digital price gains.
Meanwhile, Bitcoin SV, the controversial BCH fork that was designed by the self-proclaimed Satoshi Craig Wright, spiked by 17 percent. Last week, the BSV price went ballistic after Wright copyrighted the Bitcoin white paper.