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Bitcoin Just Posted Its First Weekly Close Above $11,700 Since 2018

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  • 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

Bitcoin is seeing an independent rally higher today, with bulls attempting to break the long-held resistance at $13,200 that has slowed its ascent.

It is important to note that there is heavy selling pressure throughout the entire $13,000 region. Still, a decisive break and hold above this level could create momentum that carries it past the other selling pressure here.

Analysts are noting that yesterday’s weekly candle close has provided BTC with some serious strength.

It is important to note that this was the first weekly candle close above $11,700 seen since early-2018.

Bitcoin Rallies Towards Critical Resistance as Buying Pressure Ramps Up 

At the time of writing, Bitcoin is trading up just under 1% at its current price of $13,140. This is around the price at which it has been trading at throughout the past few days.

The consolidation phase seen by BTC as of late has been rather intense, but bulls could end this rapidly if they push it above $13,200.

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.

Analyst: BTC Bolstered by Ultra-Strong Weekly Close 

One respected analyst highlighted the significance of Bitcoin’s latest weekly close in a recent tweet.

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.

“BTC: Bitcoin with a 13%+ candle to close out the week. And ever since flipping the 2019 high daily close of $12,920… 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.”

Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.

How it trends in the coming week should provide insight into just how bullish this latest weekly close truly was for Bitcoin.

Featured image from Unsplash.
Charts from TradingView.





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Bitcoin

Bitcoin price bounces to $33K but analysts say ‘it’s too early’ to call a bottom

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Cryptocurrency investors found little reprieve on June 22 as the price of Bitcoin (BTC) fell below $30,000 for the first time since January, sparking panic among less experienced market participants who have yet to experience a full market cycle. 

While Bitcoin has been under increasing pressure from multiple sources since early May, the most recent bout of selling has been largely attributed to capitulation by China-based miners who have been forced to abruptly shut down their operations.

Data from Cointelegraph Markets Pro and TradingView shows that after dropping to $28,800, Bitcoin price bounced back above the $30,000 level and currently trades for $32,600.

BTC/USDT 4-hour chart. Source: TradingView

The strong bounce came after comments from Brian Nelson, the current nominee for Under Secretary of the Department of the Treasury’s division on terrorism and financial crimes. Nelson said he was going to make the implementation of new regulations around cryptocurrency a priority if he is confirmed.

Miner crackdown in China sparks market turmoil

The pressures put on Bitcoin and the overall cryptocurrency market was highlighted by Élie Le Rest, partner at digital asset management firm ExoAlpha. Le Rest told Cointelegraph that “Chinese market participants have been massively selling during the past month.”

Le Rest also pointed to the “Grayscale unlocking schedule leading to more selling pressure,” resulting in some panic selling by the less experienced traders in the market.

Le Rest said,

“With newcomers in the crypto market seeing their profit and capital getting wipe out by selling waves, newcomers are taking their loss as they can’t stomach this much negative volatility anymore.”

Due to these pressures, Le Rest believes that the market could range in the “lower tranches of $25,000 to $35,000” in July, with the low volume usually seen in August having the potential to “accelerate this downside trend or build the upside trend.”

The upside case for today’s move was provided by David Lifchitz, managing partner and chief investment officer of ExoAlpha, who stated that the activity seen in the market on June 22 “seems to have drawn the line in the sand for BTC at $29,000 and Ether (ETH) at $1,700, given the swift bounce.”

Related: Bad call? Bitfinex bears closed a block of Bitcoin shorts before the drop below $32K

That being said, Lifchitz warns against throwing caution to the wind as the volatile nature of the crypto market makes picking a bottom notoriously challenging.

Lifchitz said:

“However, it’s too early to tell if this is “the” bottom or just a temporary floor before more downside. The lack of any upside catalyst (besides some contrarian oversold metrics) remains the biggest hurdle for cryptos to bounce back… Paging Mr.Musk, paging Mr.Musk.”

Altcoins see double-digit losses

The altcoin market followed Bitcoin’s lead on June 22 with a majority of tokens seeing double-digit losses as traders ran for the safety of stablecoins.

Daily cryptocurrency market performance. Source: Coin360

The price of Ether managed to rebound along with the price of BTC, helping erase a 15% correction and send the price back above $1,900.

Two tokens that managed to rise above the market turmoil and see positive gains for the day were Livepeer (LPT), which posted a 15% gain and Celo (CELO), which saw its price increase by 9%.

The overall cryptocurrency market cap now stands at $1.303 trillion and Bitcoin’s dominance rate is 47.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.