A few hours ago, Bitcoin surpassed its previous all-time high (ATH) after crushing the $19,666 level, which has stood as the record price since Dec 2017.
Many crypto enthusiasts hoped that BTC would make history by setting a new price record last week when the coin soared to $19,500. However, an intense sell-off ensued as crypto bulls cashed in the massive run, causing the king coin to plummet toward $16,400.
After struggling to climb above $18.6K throughout the past weekend, the bulls finally had their breakthrough on Monday. An astonishing rally that took BTC past $19K and the previous peak near $19.5K saw the king coin hit a lifetime all-time high at $19,825 on Bitstamp.
This much-anticipated milestone made shockwaves across the crypto world, with many industry heavyweights such as Binance CEO Changpeng Zhao and Gemini co-founder Tyler Winklevoss applauding the historic achievement.
As soon as Bitcoin officially set a fresh all-time high, the bears ardently attempted to fade the movement, causing the BTCUSD pair to correct sharply to its current price of $19,182.
BTCUSD Chart By TradingView
What Next For Bitcoin?
Today’s epic move higher has now seen BTC reach a price never traded on the spot market before, with bulls now trying to push it above $20K.
If BTC does break the $20K level, it will likely enter price discovery mode and see some immense upside in the near-term.
One analyst explained how last week’s sell-off that sent BTC reeling from the mid-$19,000 region to lows of $16,400 ties in with today’s parabolic rally toward $19,800.
Josh Rager tweeted that the decline was a “bear trap” that cleared out over-leveraged long positions:
“BTC: Bitcoin price crushing the daily high. Yeah, that move down to $16k was an epic bear trap to try and shake people out before $20k.”
Regardless of whether the bulls will break $20K, today’s move past the previous ATH is extremely bullish, as it marks a macro turning point for BTC and the entire crypto market.
ETH Price Gains Bullish Momentum
As BTC gained traction and officially set a new ATH, the ensuing momentum helped ETH clear the $550 resistance. The ETHUSD pair settled nicely above the $565 level before the bulls aimed to retest the $590 resistance level.
At the time of writing, ETH has managed to break past $600 and looks likely to revisit the $620 resistance in the near term.
ETHUSD Chart By TradingView