The bitcoin price finally broke above an extended resistance channel to establish a new yearly high above the psychologically-significant $5,000 mark. Coinbase data shows that BTC/USD spiked during the early Asian trading session, surging almost 23 percent in just two hours to $5,120. The rally accompanied substantial volume, confirming a positive breakout scenario for the cryptocurrency. It also negated some portion of the losses caused by the notorious bitcoin cash hard fork, which prompted the previous crash in November last year. On the technical front, the latest crypto market rally pulled bitcoin out of an overlong long bearish stretch below
The post Bitcoin Price Pounds Toward 5-Month High – Here’s Why $6,000 is Next appeared first on CCN
source https://www.ccn.com/bitcoin-price-pounds-toward-5-month-high-heres-why-6000-is-next
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