• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
crypto bitcoin fireworks
Nexo Logo

Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
Advertisement

Bitcoin price is currently flirting with prices above $60,000, as the momentum of the ongoing bull market slowly begins to push the asset above the key resistance level.

The start of a breakout through resistance might have began with last night’s historic weekly close – the highest ever recorded. However, despite what could be a clean bullish breakout, there’s a bearish factor lingering that could make this the last weekly close the high for some time.

Bitcoin Price Closes Record High Weekly Candle Above $60,000

Bitcoin price has poked above $60,000 dozens of times now, yet has been unable to hold strong above the clearly strong resistance level. The leading cryptocurrency by market cap, however, has also yet to tumble any further than a mere 10-20% for most of the last 12 months.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

The first signs that new highs could be near, is the first ever historic weekly candle close above $60,000. Last night’s weekly candle is also only the second daily candle to close above the crucial rounded number.

bitcoin 2021 weekly 60000 zoomed

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
You have to zoom in to see it, but Bitcoin did close above $60,000 on Binance | Source: BTCUSDT on TradingView.com

The battle between bulls and bears came down to the very last seconds before the close, resulting in some disparity across exchanges. Bitcoin price made the achievement on Binance specifically and others, but failed to make a similar milestone on platforms like Bitfinex and Coinbase.

The slight discount on Coinbase could be a sign that buy pressure is finally waning and the sell side is intensifying.

Why The Record Could Precede A Short-Term Reversal

The cryptocurrency market has been on fire and its been mostly due to the rush to buy Bitcoin before other corporations and hedge funds buy it all.

But as mentioned, the FOMO could finally be running out of steam. Making matters worse, an ultra rare signal has appeared that has only in the past reared its head when the crypto cycle was finally complete.

bitcoin btc pi cycle top indicator

A rare crypto cycle top indicator has issued its signal. Is the rally over? | Source: BTCUSD on TradingView.com

The Pi Cycle Top Indicator has now issued the fourth ever top signal with last night’s weekly candle close and subsequent daily candle open.

That could mean that a long term top could be in. A 2013-like scenario with two peaks in the same year would be bulls last hope for things to continue, albeit after a correction.

Related Reading | Analyst Expects “Escape Velocity” When Bitcoin Price Breaks $60K. Here’s Why

Back then the signal arrived early, Bitcoin price spiked much higher, then corrected 82% within just four days. After settling down, before the year was over Bitcoin price climbed another three to four times in value before the true top of that cycle was in.

What will it be this time around?

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

Bitcoin

TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

17 hours ago
Bitcoin bear

Holding Back The Bears: Why Bitcoin Must Break $22,500

1 day ago
Bitcoin

TA: Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

2 days ago
Bitcoin

TA: Bitcoin Dips Further, Why BTC Could Revisit $20K

3 days ago
bitcoin bollinger bands

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

3 days ago
Bitcoin

TA: Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key

4 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

Crypto News Flash: Best Meme Coins to Explore in Bear Market 2022 – Floki Inu (FLOKI), Akita Inu (AKITA) and RoboApe (RBA)

June 30, 2022

Secure Your Finances With These Top DeFi Tokens: Gnox (GNOX), Solana (SOL), and Avalanche (AVAX)

June 30, 2022

XT.com Welcomes Cryptostone (CPS) to Its Growing Exchange

June 30, 2022

Crypto Crash: Bitcoin Falling Helplessly, Find Succour in These Two Coins

June 29, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.