Bitcoin powers past $17,000 as the second coming gathers more traction
Bitcoin hits $17,000 for the first time since 2018
After having firmly broken its 2019 high at the start of the month, it has been one-way traffic for Bitcoin all the way to $17,000 now as the gains continue to mount. From a technical perspective, the next target for buyers will be the January 2018 high @ $17,178.
The PayPal news at the end of last month has been a major catalyst for the second coming of Bitcoin and given the euphoria surrounding cryptocurrencies again, a retest of the peak may not be too far-fetched all things considered.
With the market still filled with contrasting narratives, Bitcoin is also gathering more traction as a diversification play in the market; albeit a tiny portion in the portfolio surely.
At the end of the day, the whales still hold all the cards when it comes to Bitcoin price action but it is tough to ignore the break if you're a purist when it comes to the charts.