Bitcoin rally continues towards $9,000 reaching 2017 levels
By Caoimhe Toman
Date: Monday 27 May 2019
(Sharecast News) - Bitcoin jumped as much as 10% on Monday reaching almost $9,000 in its best performing month since 2017.
It is now trading at $8,798 but managed to reach $8,894 earlier on Monday. This means that the price of Bitcoin is approaching the psychologically important $10,000 level. As such, analysts are already asking whether Bitcoin can breach its next major resistance level at $9,650 and attempt to conquer it.
Rival coins also started the week strongly as Litecoin added over 12% while Ether rose 6.8%.
The rally is boosted by big companies taking an interest in the cryptocurrency universe including Facebook that revealed it would be releasing their own currency by 2020.
Bitcoin is up almost 70% this month after a painful year ruled by falls. Any pullbacks could be short-lived since investors are still wary of the rises, however buying pressure is currently the strongest in over five months.
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