Bitcoin Hit A Fresh 2019 High. What Does That Mean?

Bitcoin prices climbed today, building upon their recent gains and reaching their highest level this year.

The digital currency rose to $5,791.21 at roughly 6:00 a.m. EDT, according to CoinDesk price data.

At this point, the cryptocurrency had appreciated approximately 8% over the course of 24 hours and was trading at its highest point since November, additional CoinDesk figures show.

While this rally certainly looks positive for bitcoin, the digital currency failed to test $6,000, which has repeatedly been singled out as a key area of resistance.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Bitcoin Rally's Significance

Even though bitcoin fell short of that key price level, several analysts claimed the cryptocurrency's latest rally was certainly worthy of mention.

Mati Greenspan, senior market analyst for social trading platform eToro, spoke to this:

"This is a significant move because it confirms the continuation of the upward trajectory," he stated.

"Following the April 2nd surge, several analysts [were] worried that we might see a Bart Simpson pattern," said Greenspan, referring to a situation where "price surges, stays up for a while creating a spiky haircut, then price plunges back."