Bitcoin [BTC] closed May 2019 with a massive monthly gain of over $3,000 in what has been the most successful month for the top cryptocurrency since the famed December 2017, when the price nearly hit $20,000.
Who would’ve thought that a month beginning with a $40 million hack of the largest and most reputed cryptocurrency exchange in the world, Binance, and a month that saw the delay of two Bitcoin ETF proposals would be the same month where the top cryptocurrency surged by over 65 percent breaking resistance after resistance and now looking to slow down anytime soon.
Beginning the month at just above $5,300, Bitcoin broke $6,000 a mere nine days into May and then amassed another $1,000 gain within the next three days. Topping out at $7,400 before succumbing to a pullback shaving over $600 before breaking the $8,000 ceiling on the back of the announcement by Bakkt and the Gemini integration.
However, the $8,000 spree was short lived as the pullback dropped the coin’s price by almost $1,000 to $7,100 on May 17. For the next week, the coin shot up and held steady hovering below $8,000 before a massive rally pushed the coin up over $8,800 with $9,000 looking to be broken, but the coin fell short.
The close of the month was fairly disappointing, in context of the previous weeks, on the penultimate day, Bitcoin shaved over $500, dropping to $8,200 and closing on a recovery to $8,500.
In terms of the price history of Bitcoin, the May 2019 monthly gain of over 65 percent is fourth in the list of highest monthly gains. The highest gain was seen in August 2017 of 78 percent, followed by May 2017 of 73 percent, and November 2017 of 64 percent.
Josh Rager, a member of the advisory team of LevelInvest and TokenBacon lauded the May bullish spree of the cryptocurrency. In his recent tweet, Rager stated that a “rising wedge” on the basis of the lower time frame [LTF] of 1 hour shows that the formation is still rising. He pinpointed the price of $8,741 as the “support flipped resistance.”
The analyst added that if the same were to be broken, expect a “push back” over $9,000.
$BTC Best Monthy Close since 2017 (over 62% gain)
The formation is still in rising wedge on 1 hr (LTF) and price needs to make it’s way back up to where the support/flipped resistance at $8731
A cross and hold above $8731 would be bullish for a push back up over $9k pic.twitter.com/IE3RQXpTHQ
— Josh Rager 📈 (@Josh_Rager) June 1, 2019
On the flipside, other prominent analysts cite this period as a “Bulltrap,” stated Armin Van Bitcoin. He stated that the May rally to $8,700 or thereabouts would be followed by a drop to $7,700, which the cryptocurrency last fell below on May 23.
AvB stated that attention should be placed on the altcoins, which, off-late, have been pumping relative to the king coin. He added that if the alts rally faster than Bitcoin a “correction,” is imminent, however, the picture is not all that bleak. This “correction,” would drive out all the “illiquid money” into Bitcoin which will prime the king coin for “ the next pump.”
Despite the market trading in a sea of green, Bitcoin does not look to be leading the charge. The alts are firmly taking the baton and running with it, spearheaded by heavyweights like Ethereum [ETH] rising by 6.43 percent, EOS [EOS] booming by over 14 percent and Litecoin [LTC] amassing a 6.12 percent gain.
Bulltrap. May rally to ~$8700 then we go lower. Possibly $7700. Pay attention to how #altcoins are behaving. If they rally faster than #bitcoin, we are due for a correction which washes out illiquid money into $BTC and sets it up for the next real pump. PS: Don’t trade. 🍻 pic.twitter.com/69Y461Z6yG
— A v B (@ArminVanBitcoin) June 1, 2019
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