BTCUSD Monthly Chart
Bitcoin’s price yesterday finally registered a new all-time high of $19,870, after recording its highest price level of $19,660 in December 2017. It is worth noting that the journey back to this current price level has been a roller coaster for BTC traders. The primary crypto currency was in the bear cycle the whole of 2018 with the entire crypto market mimicking its losses even on a larger scale. Altcoins were a nightmare to those who had bought at the very peak of the market in December 2017 because most of them lost 90% and more of their dollar value.
Then 2019 was a different ball game all together, the primary crypto currency had an impressive year after it rallied back to the $14,000 price level. When the bulls fancied themselves in control, there was a serious price breakdown that ensued with almost all major support levels giving in with great ease and a low of $3,800 was reached in the first quarter of 2020.
With corona virus on the scene, and investors treating Bitcoin like a safe haven alongside traditional assets like gold bitcoin kicked in into a bullish trend that is nothing short of the word impressive. Unlike the previous high recorded in 2017 this time around the price rally has large and institutional investors behind the steering wheel and not retail interest. So, on the upside besides the $20,000 psychological resistance level bitcoin is in an uncharted territory which can give comfort to the bulls and trend followers but in the event that there is a price breakdown immediate support is on $19,000.
On the other hand, Ethereum prices are also charting above the $600 price level whilst awaiting the launch of Beacon Chain today which is likely provide the momentum for the bulls because of the hype that surround the event. The next leg up could take prices to $800 where further resistance lies, but on the downside, support can be found at around $520.
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