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Bitcoin bulls on fire as prices leap to fresh yearly high

Bitcoin bulls on fire as prices leap to fresh yearly high

Bitcoin was the talk across financial markets on Monday after shooting past the $9200 mark for the first time since May 2018.

Investors wasted to no time rushing back to the crypto asset on rumours revolving around Facebook launching its own cryptocurrency. Market optimism about Bitcoin and other cryptocurrencies becoming widely accepted and adopted by mainstream entities could inspire bulls to target $10,000 in the medium to longer term. While the path of least resistance for Bitcoin currently points north amid the positivity, investors should not overlook how inherently volatile and unpredictable cryptocurrencies can be.

Focusing on the technical picture, BTCUSD remains bullish on the daily charts. A solid daily close above $9300 should invite a move higher towards $9500 and $9700, respectively. Should $9000 prove to be unreliable support, Bitcoin is seen sinking back towards $8000.

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Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


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