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.
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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.
Gamza Khanzadaev
Denys Serhiichuk
