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2 months ago

The track record for Bitcoin's Surge in Q2 Leading to the new 2019 High.

The largest and most known cryptocurrency, Bitcoin has been on a roll since the close of last weekend's market hours and for the better part of this week. This week's gains are worth noting because Bitcoin has crossed highs that are beyond the marks it made in the last quarter and past few months. Bitcoin is currently trading at $11, 308 as at the time of this writing.

Nearing the end of this quarter Bitcoin has seemingly broken out from restrains despites visible fluctuations as envisaged and Bitcoin has gained 165 percent from its April 1 opening price of $4,092. For a couple of months from the last quarter of 2018 to the first of 2019, the rise of Bitcoin to at least $6,000 was highly anticipated. It eventually occurred when the price rose to about $6,052 on most cryptocurrency exchanges towards the end of May. Following that was the first new 2019 record for Bitcoin’s Price when it spiked above $8,900 a few weeks ago, it was at exactly $8,905 at the time before it slightly retracted on the same day. Prior to that, the 'crypto king' had been restrained; Bitcoin price notably dropped so low to $6,600 on May 17 and the prices rose back above $7,300 within the same day due to a large amount of buying pressure. Again at 18.00 GMT of May 26, it was held beneath $8,300 for an extended period of time. 

By June 16th, Bitcoin’s price printed a 13- month high of $9,300, some analysts and enthusiasts had speculated that it would first decline before surging beyond $10,000. It really had gone on that way till now that is trading above $11, 300. So far this marks the best second quarter performance on record and the highest quarterly percentage gain since the end of 2017. 

The relative strength index (RSI) is reporting overbought conditions, yet there are no signs of bullish exhaustion on the daily, 3-day or weekly charts. If there is a significant pullback or the price again fails to hold onto gains above $11,000, a fall to $10,000 could be seen confirming a bearish setup on the 4-hour chart.

I for one had been looking forward to a bigger break for the world’s largest cryptocurrency by market capitalization before the end of this year's first half, seeing as it had already set a lifetime high of $20,000 in December 2017.  As a tech lover and crypto enthusiast, a win for Bitcoin usually carries along some other notable cryptocurrencies in its moment, pushing their price levels up as well (even though it is slight); in other words its a win for all in the crypto space. 

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Anita O.

Lover of tech and blockchain.

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