Bitcoin Price Reaches $5.8K, Closes at New Year-to-Date High

Bitcoin (BTC) has closed the day of May 3 (UTC time) above the year-to-date (YTD) highs of about $5,630, locking in a new high for 2019 after yet another explosive day of price rise.

BTC is now snagged on an uptrending resistance line, albeit with the clear potential for a bull flag formation leading into another leg up.

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This monthly milestone for the leading crypto comes after closing out two fantastic months for the crypto markets in general, with explosive price rises both for Bitcoin and some leading altcoins.

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Yahoo Finance pointed out today that the last month has been the best month for Bitcoin this year, putting in a full 40% of gains since April 1. Many traders and analysts are, however, expecting very strong resistance to start checking BTC at $6,000. We can see, below, that the dense knot of late-2018 price history will comprise extremely tough resistance going forward from here.

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And the market seems to be staying cautious: short contracts are heavily outnumbering longs on Bitfinex, about 30,000 to 18,000 at time of writing. The shorts still have quite a long way to go, though, before reaching anywhere near historic highs. The opposite is true for longs, however, which are shockingly - and suspiciously - low respective to historical trends.

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In another milestone of the extremely bullish Q1 is Bitcoin’s weekly RSI performance. It has once again passed above the area of the low 50s, after spending more than a year below this level. We may well expect a retrace to be held at these RSI levels.

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(The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.)

Bitcoin's Bull Run May Now Immediately Follow Halving, Jihan Wu Says

Michael LaVere
  • Bitmain co-founder Jihan Wu expects the bull run on bitcoin prices to be delayed following May's Halving.
  • Wu is bullish on bitcoin's outlook, in light of government economic bailouts in response to the Coronavirus pandemic. 

Bitmain co-founder Jihan Wu says the bull run for bitcoin prices may not come immediately after the halving event in May. 

Wu, who co-founded and served as CEO of mining rig manufacturing giant Bitmain before stepping down last year, told 8BTC the price run for bitcoin will likely be delayed following the halving. 

Wu said he was positive about the future of bitcoin, and explained that recent economic policies such as government “quantitative easing” packages could lead to crypto-assets becoming more valuable.

Despite the potential, Wu cautioned that bitcoin has a price top like any other asset and would undergo periods of fluctuating growth. 

He said, 

As bitcoin’s market cap grows, its volatility decreases and becomes more stable. That means we may not see abrupt spikes in its price. No matter how high bitcoin goes, one day it will reach a top. Before that, it will see prices [with] flatline growth with some twists in the next few years.

He continued, 

I think the bull this time around may not come immediately after the halving. There likely will be a delay in time.

Wu also disputed the notion that bitcoin serves as a “safe haven” asset against traditional market volatility. Instead, he argued that bitcoin has become intertwined with the broader financial market and responds to similar impacts on global economic stability.

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