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

2020-10-26 21:00

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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