It may have taken a little longer than expected, but the weekend bulls did not disappoint, waiting for Sunday morning in Europe to take charge of the market when price undid the shackles at USD 8,500 to climb beyond USD 8,750 in the past two hours (8:00 to 10:00 am UTC, CoinDesk).
Asian traders were unable to keep the pace they had been setting for several consecutive weekends, with prices even bearing down to USD 8,500 floors for most of the past 24 hours. And then, for six hours, it traded in a narrow USD 30 channel just below USD 8,600 before spiking to a high of USD 8,761.
Other top assets have taken similar positive turns after this most recent development, together raising the total market capitalization for crypto to just over USD 267 billion with a 24-hour volume of USD 77 billion.
It is as mysterious as ever as to the reasons behind the daily pattern of movements, but yesterday’s news that Bitcoin mining difficulty has hit its highest ever is just the latest in a growing list of reasons to be bullish about the world’s most recognized cryptocurrency. One crypto analyst believes that Bitcoin is now in the middle of a “gigantic bull flag pattern” that he thinks will even bring 6-digit prices within the next few months:
#BITCOIN IS IN A GIGANTIC BULL FLAG PATTERN WHICH MIGHT PUSH US OVER $100,000 IN NEXT SEVERAL MONTH $BTC $BTCUSD
Chart – https://t.co/Dc7JdU33cG pic.twitter.com/Qie9Bzdo6g
— CryptøManiac101 (NOT GIVING AWAY CRYPTO) (@_Crypto_Maniac_) June 2, 2019
However, Bitcoin must push past USD 9,000 first as the next target. As we analyzed yesterday, for Bitcoin to gain fresh impetus, it will have to now stay at and above these current levels for the next 20 hours to establish a bullish mood for next week.
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