Bitcoin settled at 9,160 USD, registering a minimum increase of 0.77% for the day. The cryptocurrency conquered the new year-to-date high on Sunday, climbing above 9,000 USD and reaching a high of 9,381 USD.
As ever, it’s difficult to pinpoint exactly what is causing the cryptocurrency’s price to rise as it has over the past few months. The price movement comes amid reports that Facebook is set to launch its own crypto. Several news outlets have leaked details of the venture, with one saying it will let Facebook employees take their salary in the form of the new currency. While Facebook’s so-called GlobalCoin, code-named Libra, might compete directly with bitcoin and other major cryptocurrencies, many have taken it as an endorsement of bitcoin’s core technology and value.
Bitcoin has made a stunning turnaround in 2019, after a miserable 2018. The cryptocurrency is up by 150% since the beginning of the year, having a positive impact on the whole market.
Bitcoin (BTC) is showing more signs of optimism, including a peak in hashrate and a spike in wallet activity. The Bitcoin hashrate rose above 61.79 EH/s, most likely due to the abundance of hydroelectric power, combined with the shipments of new, more powerful mining rigs by Bitmain. For now, the lawsuits and the failed IPO of the leading ASIC producer are not affecting mining rates.
At 9,000 USD, Bitcoin is also way above breakeven prices for mining in most regions, creating significant interest in seeking block rewards. But in general, Bitcoin mining has not slowed down significantly even during the lows of the bear market.
Crypto market recap
The cryptocurrency market is mostly into the green on Monday, registering limited gains. The total crypto market value reached 285.187 billion USD, retreating slightly from the yesterdays high.
Ethereum, Bitcoin Cash, Binance Coin, and EOS inched higher by less than 1% each, while Litecoin even registered a minimum decline of 0.13%.
At the same time, XRP is among the biggest gainers, adding more than 3.7% to 0.4321 USD. The latest surge marks the first big price movement XRP has incurred over the past couple of weeks and has allowed the crypto to catch up to many other major altcoins that have been posting major gains as of late. XRP has not yet revisited its one-month highs, however, which were set in late-May when it ran to highs of 0.47 USD. In the time since, it has been drifting lower, finding strong support around 0.40 USD.
Bitcoin SV is also among the best performers, growing by almost 5% to 221.57 USD.
Cardano price is currently trading above the 0.0900 USD level, with a positive bias. the cryptocurrency added 1.5% for the day to 0.0927 USD.
The cryptocurrency IOTA is among the biggest losers today, wiping out 2.5% of its value to 0.4416 USD.
Bitcoin technical analysis
Bitcoin has settled above 9,100 USD after a strong rally on Sunday. A sustainable move above critical 9,000 USD has improved the technical picture, though, at this stage, the first digital coin may enter a consolidation phase. The bulls need to take a breath before another leg higher.
Now that the strong line of resistance gave way, the recovery may gain traction. Moreover, there are are only a few technical barriers located above the current price, which means that further growth is the path of least resistance for the market.
The main resistance levels are 9,300 USD (23.6% Fibo retracement daily), 9,400 USD (upper line of 4-hour Bollinger Band, followed by the highest level of the previous day) and 10,000 USD.
The main support levels are 9,100 USD (SMA10), 8,800 USD (the middle line of 4-hour Bollinger Band) and 8,450 USD (161.8% Fibo projection).