In the last 24 hours, Bitcoin price has jumped by more than 10% and is now trading in the range of $8,700 – $ 8,800, eyeing a new target of $9,000, suggests the BTC/USD pair data on Coinbase exchange.
On Sunday, Bitcoin price has peaked at $8,958 on the same exchange, a price that hasn’t been seen since the beginning of May 2018.
To date, Bitcoin price has crossed a several significant resistance levels, including $7,800, $8,000, $8,300 and $8,800 before hitting the new record of 2019.
On Monday, May 27, Bitcoin market capitalization has also reached record highs, totaling at above $155billion, and continues to dominate nearly 60% of global cryptocurrency markets valued at above $260billion.
Just hours after the Bitcoin has peaked at $8,958, a small correction has followed to what appears to be a new support level of $8,550 – $8,650.
BTC price analysis and predictions
Bitcoin price has started to move sideways forming a bullish pennant patern, as usually is the case after a significant surge in price.
New resistance levels are formed at arround $8,800 – $8,850, however, if BTC will break these levels, the strongest resistance is expected at $9,000- $9,100, the next psychological barrier.
Crypto analysts suggest that Bitcoin could be well on its way to $10,000 price mark, which is entirely possible considering how well the leading cryptocurrency has performed in the last few weeks. However, before reaching $10,000, Bitcoin bulls will have to overcome the next major resistance levels of $9,300 and $ 9,500.