Bitcoin’s price has set a new record for 2019, reaching as high as $8,847.67 before retracing slightly.
At 19:00 UTC on May 26, the world’s largest cryptocurrency by market capitalization broke from an ascending triangle pattern on the daily chart, after being held beneath $8,250 for an extended period of time.
The move to fresh 2019 highs comes after the bitcoin price dropped to as low as $6,600 on May 17 before a large amount of buying pressure pushed prices back above $7,300 within the same day.
Since then the bitcoin price has again jumped by 22 percent, rising above $8,500 around 19:45 UTC on Sunday night and then reaching over $8,700 within half an hour. It’s currently changing hands at $8,890 per CoinDesk’s price data.
Notably, the price rally was also accompanied by a large uptick in the 24-hour trading volume, an increase of $10.3 billion was added overall, according to data from CoinMarketCap.
The total market capitalization has risen to a high of $268.1 billion its highest point since August 3, 2018 while the market capitalization for altcoins is up $6 billion, a sign of continued funding and investment for cryptocurrencies overall.
Eyes are now firmly set on bitcoin’s new target along with $9,650 resistance, last seen 13 months ago on April 30, 2018, signalling a very strong upward move beyond the $10,000 psychological price tag.