Βitcoin (BTCUSD) started higher today breaking above the 9,400 mark at 9,477 making 2019 new high and retreated fast to 9,100. The daily low for BTC was at 8,912 and the daily high at 9,477. Bitcoin capitalization jumped to 161 billion. The market capitalization of the top 100 cryptocurrencies also jumped to 282 billion. In May, BTC gained almost 60 percent, marking its best monthly performance since the huge rally back in December 2017. Ahead of the month’s close, the cryptocurrency surged to $9,090 but fell more than 11 percent in a flash crush move. The high volatility sessions quickly transformed into an intense selling pressure that brought the BTCUSD price as low as $7,400 on June 4, the rebound from that level ended today with yearly high.
The picture is bullish for the largest cryptocurrency in capitalization but it has to hold the 9,000 mark which have turned now into a strong support. Next support for BTC stands at $8,855 the low from the weekend while more solid buying will emerge at the 8,400 the low from the previous week. On the upside strong resistance now stands at 8,477 today’s high, while I expect extra pressure from sellers at 8,500 and then at 8,700. Historically July and August are bad months for BTC, and if June is negative the following July is always negative.