The #1 largest cryptocurrency by market capital hit a new 6-month high during the early hours of this morning at 05:00 (UTC+1). A sudden surge in bullish momentum during the Asian trading session drove BTC up nearly 4% from $5,460 to the peak at $5,647, before correcting.
According to data from Coinmarketcap, Bitcoin’s 24hr trading volume spiked by more than $1.7 Billion as a result of the early rally.
The upside breakout ran into heavy resistance at the $5,650 level which was a critical resisting level for BTC during the November bear market. This particular price point is also reinforced by the 1 week 50-SMA (see below) which Bitcoin has not converged over since October 2015.
Together, these two resistances are likely to be a major test for BTC buyers in the short-term as they attempt to drive BTC back towards its pre-November price levels.
Right now the buyers are attempting to reclaim the psychological support at $5,600. On the 1D chart a golden cr...