After 10 long days of consolidation, the bulls finally managed to push Bitcoin above the $8,000 line, an area to which the coin returned and left several times over the past couple weeks.
Not only were the bulls fierce enough to bring Bitcoin to a much better range, but since this seemingly small success, the world’s first-ever cryptocurrency has achieved much more, all of which we’ll cover in this week’s Bitcoin price analysis.
In our last price analysis, the coin seemed ready for a new big break, but the opinions on which direction it was heading differed significantly.
While many experts believed that Bitcoin was set to start reaching for new highs, multiple technical indicators said otherwise.
Therefore, our analysis was torn between the bulls and the bears—either party could take control at any point in time.
But the bulls, once again, did not disappoint. While they failed to break above the $8,000 mark for days, the price settled at relatively low levels.
This allowed the formation of lower levels of resistance and support as the bulls later proved their power.
When their strength was starting to be questioned, they proved that they should not be underestimated.
Following several critical weeks, this week the Bitcoin bulls’ weekend enthusiasm was reaffirmed and their goal to reach a new yearly high was achieved.
Bitcoin skyrocketed in less than two days, once again demonstrating that significant changes happen quickly in the crypto world.
The constant bullish momentum won’t be the only thing we remember from this week.
Another memorable event is the fact that the bulls succeeded in setting a new 2019 record for yet another time.
Not wanting to get ahead of ourselves, but still wanting to make a note, by analyzing the growth of Bitcoin since December 2018 and June 2019, we expect this year will be remembered as a bullish one.
Bitcoin’s price wasn’t the only number on the rise this week. BTC dominance reached 56.8% this week, up from 55.4% last week.
The Bitcoin market cap reached a stunning $162.9 billion, while the total crypto market cap reached $286.7 billion.
Bitcoin remains the leading cryptocurrency in terms of market cap.
Bitcoin Price: Weekly Chart
Unlike many past weeks, this week’s chart is an authentic representation of the traction the bulls managed to gain.
The gradual but definite progress of Bitcoin can easily be seen in this chart, culminating in the new 2019 high it reached this week.
While the bulls were strong and successful this week, they could be seen fighting the bears continually over small timeframes.
Even though the bulls defeated the bears in most of their battles, there are still several bearish trend lines displayed on the chart, which is both expected and normal.
As always, we prefer to start from where we left off: Wednesday, June 12. By the end of last week’s price analysis, the price of Bitcoin was very close to the $8,000 mark at $7,943.
In the course of the day, the price slightly decreased to $7,942. This price marked the lowest point of this week’s analysis.
Such placement did not indicate certainty nor stability in Bitcoin’s future movements.
The bulls, however, did not let the worst-case scenario came to fruition.
That low point was the beginning of their preparations to push Bitcoin higher, as they built their strength up and refused to yield to the bears.
During the same day, June 12, Bitcoin’s price started increasing, almost touching the significant mark of $8,000 by the end of the day.
Then, the break we anticipated happened in the direction we were hoping for.
Bitcoin finally jumped and settled near the $8,000 mark, but this time on the other side of the line.
Even though Bitcoin has traded near this range for a while, the struggle to cross over was tough.
Thus, such success marked a victory that would be the first in a series of victories.
From Wednesday to Friday, June 14, the price of Bitcoin continued to rise.
It did not catapult significantly but still increased enough for the coin to be able to form new, higher levels of both resistance and support.
By the time the weekend started, the bulls brought Bitcoin to a price of $8,257 against the U.S. dollar.
At this price, $8,000 became a significant level of support and $8,500 became the next level of resistance that the bulls aimed for.
Further above was the $9,000 area, which was put under a question mark, considering that the weekend was approaching.
In the past, weekends used to be the time in which cryptocurrencies rallied upwards.
This trend has changed though—weekends are now the riskiest trading time for all cryptocurrencies.
Having this in mind every week, we pay close attention to the weekends because they have a tendency to be very dangerous.
Lately, this fear is steadily fading as the weekends once again are becoming a very advantageous time for cryptocurrency traders.
Just as in the previous days, Bitcoin’s price kept moving higher over the weekend.
Not without minor falls, the price of Bitcoin was reaching new ranges, which caused the coin to again form new and higher support and resistance levels.
The trend line displayed a continuous upward movement, so the next thing we expected was for another significant line to be crossed in the near term.
We didn’t have long to wait. On Sunday, June 16, the bulls were outstandingly powerful and pushed Bitcoin above the $9,000 line.
By the end of the weekend, the coin was placed in an area that seemed insurmountable last week, at least in the short term.
During the same day, Bitcoin fell below the $9,000 line but crossed back over the mark at the start of the new week.
The next few days, from Monday to Wednesday, many fluctuations are displayed on this week’s chart.
At first, it seemed like the bulls were showing signs of weakness. But ultimately that was not the case, regardless of the graph’s volatility.
On Tuesday, June 18, the bulls reinforced their efforts and for yet another time forced Bitcoin to greater levels.
Due to this, Bitcoin reached a price of $9,412 against the U.S. dollar.
Not only was this price the highest point of this week, but it also marked a new 2019 record.
Following this huge accomplishment, Bitcoin took a downward path.
The recent decline is not necessarily significant as the coin is still trading between $9,100 and $9,200.
At the time of writing, Bitcoin price is at $9,171 and we are hoping for a downside correction and fresh boosting.
Since Bitcoin is still above the $9,000 line, we’re hopeful that such drawbacks lead the bulls to gain traction to achieve new milestones in the future.
Bitcoin Price: Daily Chart
Contrary to the weekly chart, the one-day graph shows much more volatility and unpredictability.
As we already know, the weekly chart of Bitcoin’s price displayed a gradual line towards the new 2019 high, while the line displayed on the daily chart is extremely unstable.
In these tighter periods, we can clearly see the struggle the bulls had to stay in control.
The fluctuations show us the bears were strong as well, causing the bulls to fail many times and bearish triangles to form.
The relative strength index or RSI on the daily chart shows it’s currently facing the 70 RSI level of resistance.
The index has already created a bullish move and the Stochastic RSI is slowly entering the territory of overselling.
In the past seven days, the trading volume did not see any notable changes.
However, after setting a new yearly record, it will be interesting to see how things will change in the future.
Right now, even though Bitcoin’s daily chart shows a number of fluctuations that are invoking uncertainties, we refuse to give up on the thought that the bulls remain strong.
Bringing Bitcoin above two new lines, and establishing a new high for 2019 while struggling daily to defeat the bears proves the bulls’ grit this week.
This display will likely leave the market optimistic for the future.
Bitcoin Price: 4-Hour Chart
On the hourly chart of the BTC/USD pair, a break can be seen above the descending pathway with resistance near the $9,100 level.
As of now, the pair is showing strong positive signs and if they break the $9,275 mark, this pattern may continue to move up.
Furthermore, the pair is testing the 50% Fibonacci retracement level of the latest decline, moving from the $8,951 low to the $9,472 high.
As we mentioned, if there’s a break above the $9,275 level, the price is likely to rise even more.
After being one of the many negative technical indicators last week, the hourly MACD finally showed improvement.
Last week, it lost its momentum in the bullish zone but managed to turn around somewhat this week.
With the many successes this week, this positive change of the hourly MACD was expected.
Currently, the hourly MACD is slowly gaining its momentum back into the zone where the bulls are in control.
Another significant upgrade is the hourly RSI.
After being stuck near the 50 level for weeks, unable to cross over the line, the hourly RSI for the BTC/USD pair is now above the 50 level, albeit still near the line.
The index finally progressed, which is a signal that things are moving in a positive direction.
At this moment, the major support level lies at $9,070. Below this level lies the crucial support level of $9,000.
Further below lie other support levels at $8,500, $8,400, $8,200 and $8,100.
From the bullish side, Bitcoin has set major resistance levels at $9,220 and $9,400. If the bulls decide to aim even higher, there is the $10,000 mark that may soon be achieved if the recent momentum continues.