Bitcoin (BTC) peaked to a new high on Tuesday, surpassing $ 5,500 and returning to levels never seen since November 16, 2018. Bitcoin (BTC) catapulted to $ 5,630 during Asian hours and, despite the technical retreat of overbought territory, the price of the bitcoin is still above $ 5,500. Prices also reach new annual highs, as price hikes continue, leaving hope for a more decisive future. Probably putting an end to the bear market.
BTC traded on Tuesday at $ 5,549.14 at 18:50 UTC, according to a promising upward trend to extend the increase. Volumes returned to more than $ 16 billion in 24 hours. This time, almost all markets are priced above $ 5,500, despite the coupling, with much fewer price anomalies.
The current rally predicts that approximately 76% of all BTC volumes will occur in Tether pairing (USDT), further highlighting the importance of the stablecoin for the ongoing recovery, which is around $ 3,800. The high prevalence of the USDT also raises fears that the recovery may be unsustainable or highly dependent on a partially credit-backed asset, as Tether recently admitted.
With the most recent gains, BTC has added 37% to its price since the beginning of 2019. Several altcoins have gone from the lowest, scoring gains of over 300% in some cases. However, the recent recovery is smaller and riskier compared to the hype of the fall of 2017.
Bitcoin Price Analysis by Analyst
$5,270 – $5,200