Bitcoin is currently outperforming the aggregated crypto market as its price rallies up to its key $13,800 resistance.
It broke well-above this level overnight, hitting highs of $14,100 before losing its momentum and declining back to this level.
If it can flip this resistance into support, it could act as a launchpad that leads it to see significantly further gains.
One trader is now noting that a monthly candle close above $13,863 would also mark the highest monthly close ever seen by BTC.
This would be technically significant and potentially lead it to see serious upside in the days and weeks ahead.
Bitcoin Sees Immense Strength as Bulls Try to Flip Key Resistance
At the time of writing, Bitcoin is trading up just under 2% at its current price of $13,780. This is around the price at which it has been struggling to break above throughout the past week.
It has faced dire rejections here in the past, but today it was briefly able to rally as high as $14,100 before losing its momentum.
It is now imperative that bulls step up and stop the crypto from seeing any intense losses in the near-term and flip this level into support before the monthly candle close tonight.
BTC is About to Post the Highest Monthly Close of All Time
If Bitcoin can firmly surmount $13,800 and closes its monthly candle tonight above $13,863, this will be the highest monthly close it has ever posted.
One analyst spoke about the significance of this close in a recent tweet, saying:
Image Courtesy of Jonny Moe. Source: BTCUSD on TradingView.
The coming several hours should provide investors with serious insights into Bitcoin’s outlook for the rest of the year.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/37XpNU5
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