Despite facing some instability earlier this week, Bitcoin has been able to post a decent recovery from its recent lows and appears to be consolidating before it makes another large price movement.
Analysts are now noting that Bitcoin has posted its best monthly close since 2017, which may support the notion that BTC is currently in the early stages of the next major bull movement that sends the crypto surging higher.
Bitcoin Finds Stability Above $8,500
At the time of writing, Bitcoin is trading up just over 1% at its current price of $8,510, which is down slightly from its daily highs of $8,600 which were set earlier today.
Although BTC has dropped from its daily highs, the cryptocurrency has been able to post a strong recovery from its recent lows of below $8,200, which were set yesterday as a result of BTC’s failure to surge past $9,000 earlier this week.
While zooming out and looking at bitcoin over a one month trading period, it is crystal clear that the crypto is in a firm uptrend, despite its recent bout of volatility, as it has been able to climb from lows of roughly $5,300 to highs of $9,000, before drifting towards its current price levels.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about how positive the month of May has been for Bitcoin, explaining that it has posted the best monthly close since 2017.
“$BTC Best Monthy Close since 2017 (over 62% gain). The formation is still in rising wedge on 1 hr (LTF) and price needs to make it’s way back up to where the support/flipped resistance at $8731. A cross and hold above $8731 would be bullish for a push back up over $9k,” he explained.
$BTC Best Monthy Close since 2017 (over 62% gain)
The formation is still in rising wedge on 1 hr (LTF) and price needs to make it's way back up to where the support/flipped resistance at $8731
A cross and hold above $8731 would be bullish for a push back up over $9k pic.twitter.com/IE3RQXpTHQ
— Josh Rager 📈 (@Josh_Rager) June 1, 2019
BTC Technical Formation May Signal That a Massive Bull Run is Ahead
Bitcoin’s recent bullishness may signal that the next major uptrend is imminent.
Josh Olszewicz, a popular cryptocurrency analyst on Twitter, discussed this possibility in a recent tweet, noting that a recent technical formation formed by BTC has only occurred a small handful of times throughout history, which likely means a significant uptrend is inbound.
“1D $BTC 100EMA/100SMA crosses have only occurred 6 times in $BTC’s history. Bull cross occurred on May 14th,” he noted while referencing the below tweet.
1D $BTC
100EMA/100SMA crosses have only occurred 6 times in $BTC's history
Bull cross occurred on May 14th pic.twitter.com/63y9GqcI7n
— Josh Olszewicz (@CarpeNoctom) May 31, 2019
As the weekend kicks off and Bitcoin continues to consolidate around its current price region, traders and analysts may soon garner greater insight into whether or not the next bull run is truly imminent.
Featured image from Shutterstock.
