Some cite the Facebook new cryptocurrency
The price of bitcoin reached a new high going back to May 2018 over the weeked. The price reached $9388. That surpassed the May 30 high of $9090 and traded at the highest level since May 9, 2018. The next major swing high was on May 5th 2018 at $9948 (close enough to the $10,000 naturaly level of resistance).
The reason give by some for the rise is the proposed cryptocurrency to be introduced by Facebook on Tuesday. Now, in reality it would presumingly be a rival to Bitcoin, but traders are liking the aspect of acceptance of some alternative currency.
Facebook's offering has reportedly secured backing from the likes of Uber, Spotify, and Visa.
As mentioned, more details are expected to be released on Tuesday.
The current price of Bitcoin on Coinbase is up $132.20 on the day at $8933.84. The price closed Friday on Coinbase at $8454.90.
