Bitcoin’s buyers and sellers engaged in a heated battle yesterday just prior to the cryptocurrency’s critical monthly close
This led it to see heightened volatility, with bulls prevailing over bears
Buyers were able to propel the cryptocurrency above a massive monthly resistance level that has been holding strong throughout part of 2019 and all of 2020
The close above this level could be a bullish catalyst
Bitcoin has been seeing some turbulence as it consolidates within the mid-$9,000 region. Overnight the crypto plunged to lows of $9,300 before posting a sharp rebound that led it up to highs of over $9,600.
This volatility likely came about, in part, due to the cryptocurrency’s monthly close yesterday evening.
Previously, BTC was unable to close its monthly candle above $9,500 on multiple occasions throughout the past several months.
Yesterday, buyers were able to successfully surmount this level, now opening the gates for BTC to see further upside.
One analyst is noting that Bitcoin isn’t in the clear yet, as there is still one other key resistance level that must be broken for it to see any further upside.
Bitcoin Sees Immense Volatility Heading into Monthly Close
At the time of writing, Bitcoin is trading up nominally at its current price of $9,560. This marks a notable rebound from daily lows of $9,300 that were set overnight.
The cryptocurrency saw some turbulence yesterday afternoon, which is largely rooted in the importance of its weekly and monthly close that was posted yesterday.
Prior to midnight GMT time, sellers catalyzed an influx of selling pressure that led the crypto to lows of $9,300.
Buyers supported this level on multiple occasions, working hard to defend against a breakdown.
The defense of this level was successful, as buyers subsequently sparked a sharp rally that led Bitcoin to over $9,500 just prior to the candles closing.
This last-minute boost significantly bolstered BTC’s technical outlook, as it shows that it has firmly reclaimed its position within the $9,000 region.
Here’s Where BTC May Trend Next
As for where Bitcoin might go next after posting this bullish close, one analyst is setting his sights on $10,170.
He notes that this level is important because closing above it would mark a higher high on BTC’s recent uptrend.
“BTC Monthly Close: Great month for Bitcoin, as it broke above previous resistance and while this would typically be bullish – this happened in Jan followed by two-month downtrend. Want to see buyers continue to push above $10,173 on a weekly close for a higher-high on the trend,” he explained.
Image Courtesy of Josh Rager
Time will tell as to whether or not Bitcoin will be able to support itself above this key resistance level, but it is likely that its next reaction to $10,000 will be quite telling.
Featured image from Shutterstock. origin »
Bitcoin traded just above $93,416 on Thursday as expectations mounted that the US Federal Reserve would cut interest rates next week. During the morning session, the cryptocurrency dipped to $92,612 before climbing to an intraday high of $94,002, reflecting renewed momentum after several weeks of turbulence.
Bitcoin maintained a foothold above the $88,500 support region this week, staging a recovery move after forming a near-term base. The cryptocurrency climbed above $91,000, reaching a weekly peak of $91,878 before pausing and drifting lower.
Key Takeaways
How long has Bitcoin held above $100,000?
Bitcoin has stayed above $100K for nearly a year, its longest sustained profit period ever.
What are traders expecting next?
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The cryptocurrency market showed signs of recovery on February 20, bouncing back from recent losses. Bitcoin (BTC) managed to sustain levels above $97,000, while major altcoins, including Ethereum (ETH), Ripple’s XRP, and Solana (SOL), posted gains between 1% and 6%.
Bitcoin must stay above $100K for the uptrend to continue.
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Bitcoin has achieved a major milestone, trading at six-figure levels for the first time since its inception. On Thursday, the cryptocurrency reached a new all-time high of $103,679, marking a year-to-date surge of over 140% and pushing its market capitalization above $2 trillion.
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Bitcoin price is gaining pace above $75,000. BTC is rising and might aim for a move above the $77,000 resistance zone in the near term. Bitcoin started a fresh surge above the $74,500 zone. The price is trading above $74,000 and the 100 hourly Simple moving average.
Bitcoin price is rallying above the $72,000 zone. BTC is up over 5% and it could soon aim for a new all-time high above $73,500. Bitcoin started a fresh increase above the $70,000 zone. The price is trading above $70,500 and the 100 hourly Simple moving average.
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Bitcoin price started a fresh increase above the $62,000 resistance zone. BTC is now consolidating and might aim for more upsides above $63,000. Bitcoin is struggling to start a fresh increase above the $63,200 zone.
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On Saturday, Bitcoin experienced a robust rally, climbing above $58,250. Despite this upward movement, it was unable to sustain the momentum and close above the 200-day Exponential Moving Average (EMA).
Bitcoin price started a decent increase above the $70,500 resistance. BTC is showing positive signs and might gain bullish momentum above the $72,000 resistance in the near term. Bitcoin extended its increase above the $70,000 and $70,500 resistance levels.
Bitcoin price started a fresh increase above the $70,000 resistance. BTC is showing positive signs and might rise further above the $72,000 resistance in the near term. Bitcoin started a decent increase above the $69,500 and $70,000 resistance levels.
Bitcoin's RSI has stayed above 65 for the last few days.
The king coin's price remained above $41,000 despite a slight fall.
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The prices of Ethereum and XRP rallied over the last seven days.
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Though the price action was bearish, on-chain metrics turned bullish.
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Bitcoin price is holding gains above the $26,200 zone. BTC seems to be forming a base for a fresh increase above $26,850 in the coming sessions. Bitcoin is eyeing a key upside break above the $26,850 level.
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Bitcoin price remained strong above the $25,500 zone. BTC could soon attempt a recovery wave above the $26,500 resistance zone in the near term. Bitcoin is still consolidating above the $25,500 support zone.
Bitcoin price climbed above the $29,500 resistance. BTC spiked above $30,000 and is currently consolidating gains above a connecting trend line. Bitcoin is showing positive signs above the $29,500 pivot level.
Bitcoin price is struggling to recover above the $29,000 resistance level. BTC must settle above $29,000 and then $29,600 to move into a positive zone. Bitcoin is attempting a recovery wave above the $28,850 level.
Bitcoin price is moving higher above the $30,500 level. BTC is showing signs of a fresh move toward the $31,000 resistance zone. Bitcoin is slowly moving higher above the $30,500 support zone. The price is trading above $30,400 and the 100 hourly Simple moving average.
Bitcoin price is moving higher above the $30,500 resistance. BTC is showing positive signs and might aim for a new high above the $31,400 level. Bitcoin is trimming all its losses and trading above the $30,500 resistance zone.
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Bitcoin price is surging above $28,000. BTC is up nearly 8% and there are chances of a move toward the $30,000 resistance zone. Bitcoin is gaining pace above the $27,000 resistance. The price is trading above $27,500 and the 100 hourly Simple moving average.
Bitcoin price is moving higher above the $26,000 resistance. BTC could continue to rise if there is a clear move above the $26,800 zone. Bitcoin started a recovery wave above the $26,000 resistance.
Bitcoin price is rising above $27,200. BTC might gain bullish momentum if it clears the key $28,000 resistance zone in the coming sessions. Bitcoin is moving higher above the $27,000 and $27,200 levels.
Bitcoin price is rising steadily above $29,000. BTC could start a strong upward move if there is a close above the $30,000 resistance. Bitcoin is showing positive signs and rising toward the $30,000 resistance zone.
Bitcoin price spiked higher above the $29,000 level. BTC corrected lower and is currently consolidating above the $28,000 pivot level. Bitcoin gained pace above the $28,500 resistance but upsides were limited.
Bitcoin price is rising above the $28,000 resistance. BTC bulls seem to be aiming a fresh surge above the $28,500 and $28,800 resistance levels. Bitcoin is slowly moving higher above the $27,500 resistance zone.
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Bitcoin price started a strong rally above $19,650 against the US Dollar. BTC is trading above $20,000 and could gain momentum above the $20,500 resistance. Bitcoin started a strong increase above the $19,500 and $19,650 resistance levels.
Bitcoin price gained pace for a move above $20,000 against the US Dollar. BTC is showing positive signs and might rise further above $20,500. Bitcoin started a steady increase above the $19,200 and $19,500 resistance levels.
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Bitcoin price is attempting to recover above $103,500. BTC could continue to move up if it clears the $106,500 resistance zone. Bitcoin started a decent recovery wave above the $103,500 support. The price is trading above $104,500 and the 100 hourly Simple moving average.
Bitcoin price is struggling below $105,000. BTC could continue to move down if it stays below the $104,200 resistance. Bitcoin started a fresh decline below the $104,000 support. The price is trading below $104,000 and the 100 hourly Simple moving average.
