Bitcoin reaches $14K for the first time since January 2018

Bitcoin price is undoubtedly having an impressive year after crashing to $3,700 in March but then rallying to $14,000 in the following months.

Now BTC has reached the highest point since January 2018 as the price touched $14,100.

Thus, the likelihood of the new bull cycle is heavily increasing as the price of Bitcoin continues to make new higher highs and higher lows.

That's been the crucial resistance zone for two years, which means it could see a retest before any more upside.

The highest monthly close ever is possible for Bitcoin.

As the monthly chart shows, the highest monthly close ever is possible for Bitcoin - an incredible accomplishment 12 years after the release of the whitepaper.

The start of a new bull cycle is typically accompanied by accumulation periods, through which previous resistance zones are retested and confirmed as support.

Every previous resistance level got retested for confirmation, after which a range was established to accumulate Bitcoin.

The current area of $11,400-11,800 is a crucial resistance zone.

If the price of Bitcoin falls to break through this resistance zone, a correction will become the likely scenario.