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bitcoin crypto market

Crypto Market Is Securing the Technical Level That Marked Bitcoin’s 2019 High

Nick Chong
by Nick Chong
5 years ago
·
Posted in Bitcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Last week, Bitcoin and the rest of the crypto market saw a harsh rejection at critical resistance levels. Within minutes, almost all digital assets plunged by 5%, shedding the gains they had seen the day earlier.

It’s a drop that has made some analysts skeptical that the rally will continue.

As reported by Bitcoinist, an analyst noted that the Bollinger Bands indicator is showing that BTC looks almost exactly like it did at 2017’s highs, and 2019’s highs, and the $10,500 earlier this year.

Bitcoin price
Bitcoin and Bollinger Bands macro price chart shared by cryptocurrency trader “Crypto_y_tho” (@BTC_y_tho on Twitter).

Yet a macro chart shows that the cryptocurrency market is in the midst of securing a technical level that marked 2019’s highs.

This may suggest that while crypto assets may not rally immediately and may actually retrace slightly, the market is on the verge of entering a long-term uptrend.

Crypto Market Is Securing a Crucial Level

The market capitalization of the entire crypto market is in the midst of securing a crucial technical level: the one-month Kijun, a crucial level indicated by the Ichimoku Cloud indicator.

Notably, the level will not be confirmed as support until June elapses in three weeks, but it’s a positive sign nonetheless.

As can be seen in the chart below, shared by a top crypto analyst, the Kijun level has been important to the crypto market on multiple occasions over the past few years.

In the parabolic rally of 2017, the Kijun band acted as a crucial level of support for cryptocurrencies on multiple occasions. And in 2019, it marked the exact top of the rally, when Bitcoin spectacularly peaked at $14,000.

Crypto market chart shared by trader "Mitoshi Kaku" (@CryptoSays on Twitter). It shows that the cryptocurrency is rallying above a crucial Ichimoku Cloud level
Crypto market chart shared by trader “Mitoshi Kaku” (@CryptoSays on Twitter). It shows that the cryptocurrency is rallying above a crucial Ichimoku Cloud level.

The fact that the crypto market is seemingly preparing to flip this into support bodes well for the bull trend.

Bitcoin Fundamentals: Forming a Healthy Uptrend

The fundamentals also show that Bitcoin and crypto are in the midst of forming a healthy uptrend.

Bloomberg’s senior commodities strategist Mike McGlone recently released a multi-page report on the crypto market, specifically highlighting the increasing fundamental strength of Bitcoin.

McGlone was so bullish on the crypto market that he said that “something needs to go really wrong for Bitcoin to not appreciate.” He attributed this strong assertion to the following factors:

  • Bitcoin is maturing into “digital gold,” trading with a growing correlation and market beta to the precious metal. Also, BTC has seemingly been buoyed by the growing amount of money printing by central banks, just like gold has been.
  • Volatility is decreasing as futures see continued adoption, suggesting a maturing market.
  • Bitcoin is outperforming the “Crypto Gaggle,” showing that it is on a bull market footing.
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Crypto Market Secures Technical Level That Marked Bitcoin's 2019 High of $14,000
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Nick Chong

Nick Chong

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I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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