Bitcoin Price Posts Biggest Quarterly Gain Since Late 2017

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  • Bitcoin closed the first quarter of 2017 with 10.91 percent gains – the biggest quarterly gain since the fourth quarter of 2017.
  • While bearish exhaustion is evident, a bullish reversal above $4,236 still remains elusive. A sustained break above that level may not happen in the next few months, as the price seems to be mimicking the bottoming pattern seen in nine months leading up to the October 2015 bull breakout.
  • Bitcoin’s short-term outlook remains bullish as Friday’s close above $4,055 bolstered the bullish setup on the daily chart. The cryptocurrency could test the February high of $4,190 this week.
  • However, a persistent failure to clear $4,130 – the high of a doji candle created on Saturday – may invite selling pressure and yield a drop to the crucial 30-day moving average, currently at $3,938.

Bitcoin made double-digit gains in the first three months of 2019, marking its best quarterly performance since Q4 2017.

The crypto market leader closed (UTC) yesterday at $4,096, representing a 10.91 percent gain on January’s opening price of $3,693, according to Bitstamp data.

That is the first double-digit quarterly gain since the final three months of 2017 when prices had rallied a staggering 220.84 percent.

Back then, the…

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