After attacking the resistance levels of USD 8,000 for the third day in a row yesterday, Bitcoin bulls finally found some joy with a sustained push above that price level to trade now at USD 8,110 (8:10 am UTC, CoinDesk).
Almost as soon as Central European markets closed yesterday, Bitcoin price spiked from USD 8,013 to its 24-hour high of USD 8,249 in just under an hour as North American markets showed their voracious appetites. It is now 17 hours since Bitcoin last traded under USD 8,000, and if this can hold and survive the European markets today, it will be a full day above resistance, which will be a strong signal that a fresh rally not seen since May is underway.
Total market capitalization has also now reached USD 261 billion (CoinMarketCap) as the rest of crypto is seemingly buoyed by Bitcoin’s strength. Only Litecoin, Tether and Tezos in the Top 20 by market capitalization have lost valuation in the past 24 hours, although Litecoin has just enjoyed a new high in 2019.
One Litecoin analyst, James Viggiano, believes that this effect is predictable thanks to an upcoming halving event for the crypto expected in just under two months from now, in August. Viggiano also says the same should be expected for Bitcoin, whose halving is expected to be a year away in May 2020.
Just 2 months until the #litecoin $LTC block reward halving. It's arguable whether LTC should have any value at all, but what we can observe is the price action of a predictably scarce digital asset when the rate of supply gets cut in half. Only 1 year until the #bitcoin halving. pic.twitter.com/fUjt8xBU5k
— James Viggiano (@jamesviggy) June 12, 2019
Regardless of a shaky start to the month, June does appear to be a good month to be holding Bitcoin, as there has only been one losing year (2014) in the past seven, if Bitcoin were bought in June, as demonstrated by the following chart:
The bitcoin price on June 12th each year pic.twitter.com/p3O0BhaNIF
— Bitcoin Charts (@ChartsBtc) June 12, 2019
With this most recent rally, Bitcoin bulls will be tempted to ask themselves: can they have enough in the tanks to go for another 2019 high?
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