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.
Bitcoin reaches $14K for the first time since January 2018
Publicado en Oct 31, 2020
by Cointele | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.