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.
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.
Originally from Bitcoinist.com https://ift.tt/35BIvxH
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