- Bitcoin and the aggregated crypto market have remained stable overnight, with bulls attempting to spark another uptrend
- The benchmark cryptocurrency is once again pushing up towards its long-held resistance around $13,200
- If this level is shattered in the near-term, BTC could gain some serious traction that causes its price to rocket higher
- Where the market trends next will undoubtedly depend somewhat on BTC’s reaction to this level
- One factor currently working in buyers’ favor is the fact that Bitcoin just posted a highly bullish weekly close
- This was the first weekly close above $11,700 seen since early-2018
Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.
One respected analyst highlighted the significance of Bitcoin’s latest weekly close in a recent tweet.
It is important to note that there is heavy selling pressure throughout the entire ,000 region. Still, a decisive break and hold above this level could create momentum that carries it past the other selling pressure here.
Featured image from Unsplash.
Charts from TradingView.
“BTC: Bitcoin with a 13%+ candle to close out the week. And ever since flipping the 2019 high daily close of ,920… Bitcoin has closed above it multiple days straight as we work on the highest daily close since Jan 2018. Pullbacks to be expected but exciting times ahead.”
The consolidation phase seen by BTC as of late has been rather intense, but bulls could end this rapidly if they push it above ,200.
Analyst: BTC Bolstered by Ultra-Strong Weekly Close
It is important to note that this was the first weekly candle close above ,700 seen since early-2018.
Bitcoin is seeing an independent rally higher today, with bulls attempting to break the long-held resistance at ,200 that has slowed its ascent.
Analysts are noting that yesterday’s weekly candle close has provided BTC with some serious strength.
A break above this level, coupled with a flip of it into support, could be all that is needed for it to see some serious upside in the days and weeks ahead.
He explained that the crypto could be entering a new bull-favoring phase, warning that although pullbacks are to be expected, there are “exciting times ahead” for Bitcoin.
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