• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Here’s Why Bitcoin’s Latest Monthly Close Has Struck a Blow to Its Bear Case

Cole Petersen by Cole Petersen
4 months ago
in Bitcoin, Technical analysis
Reading Time: 2min read
Uniswap’s UNI Token Could Rocket Past $6.00 as Bulls Defend Crucial Support
Advertisement
Nexo Logo
Listen to Article

Bitcoin had a major macro candle close yesterday, posting both its monthly and quarterly candle.

Although BTC saw little volatility heading into this close, the cryptocurrency was able to hold well-above $10,500 before and after it took place, which provided bulls with a serious boost.

Overnight, the strength resulting from this close allowed Bitcoin to push up towards $11,000, reaching as high as $10,920 before its ascent slowed.

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

Although BTC has yet to see any strong push higher, its short-term outlook still remains fairly strong. Where it trends next may depend primarily on whether or not bulls are able to break through the resistance between $11,000 and $11,200.

The selling pressure here is rather significant and may hamper its growth in the days and weeks ahead.

That being said, one trader did note that the bull case for the benchmark cryptocurrency was boosted by the recent candle close and may indicate that the chances of it seeing upside are beginning to grow.

Bitcoin Struggles to Rally Despite Bullish Monthly Candle Close

At the time of writing, Bitcoin is trading up just under 1% at its current price of $10,870. This marks a break above the trading range it had formed between $10,600 and $10,800, but buyers have been struggling to break above $10,900.

Because of the lack of strength and conviction seen throughout this latest push higher, bears may be able to regain control over BTC and push it lower in the near-term.

That being said, the crypto’s mid-term outlook was boosted by yesterday’s monthly and quarterly candle close.

Unless bears push BTC below its $10,200 support, its mid-term outlook remains incredibly bright.

Trader: It’s Growing Hard to Be Bearish on BTC Following Recent Candle Closes

While sharing his thoughts on Bitcoin’s mid-term outlook, one trader explained that it is growing increasingly difficult for bears to justify their positioning given the latest monthly candle close.

He notes that a serious block of support stands in the way of it seeing any type of move that invalidates its mid-term strength.

“BTC monthly: If you’re a believing man, this is a bullish retest and any dips towards $10.1k are for buying. If you’re a doubter, it’s really hard to be bearish as long as that block stands in the way so might be time to be patient to see where this month goes.”

Bitcoin

Image Courtesy of DontAlt. Chart via TradingView.

How the entire crypto market trends throughout the fourth quarter will depend on Bitcoin.

Featured image from Unsplash.
Charts from TradingView.
Tags: btcusdBTCUSDTxbtusd
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Why This Analyst Expects Bitcoin Price Consolidation After the Recent 15% Drop

3 hours ago
bitcoin altcoins caution

Proper Altcoin Season While Bitcoin Drops Has Traders “Cautious”

7 hours ago
XRP Likely to Plunge towards $0.20 as SEC Woes Rattle Investors

Bitcoin’s Bear Case Suggests Move to $28,000 is a Possibility in the Near-Term

11 hours ago
bitcoin bubble crypto google search altcoin

Could Mt Gox Be The End Of Yet Another Epic Bitcoin Rally?

12 hours ago
Chainlink (LINK)

Charted: Chainlink (LINK) Revisits $18, Why It Could Soon Break $20

1 day ago
Ethereum

TA: Ethereum Struggles Near $1,250: Why ETH Remains Attractive On Dips

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

RAI Finance Pre-sale Finishes in 1 Minute

January 13, 2021

Newsletter Signup


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

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 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.