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Home Cryptocurrency news

Bitcoin Price Weekly Close Above $11,500 Would Be First in Nearly 18 Months

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin, Technical analysis
Reading Time: 3min read
Bitcoin Price Weekly Close Above $11,500 Would Be First in Nearly 18 Months
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Bitcoin price throughout 2018 was locked in a bear market and downtrend that ultimately took the price of the first-ever crypto asset to its bottom at $3,200. But during the almost 8 months of 2019, Bitcoin has been in an uptrend and is preparing to enter a bull market.

But before it gets there, Bitcoin price still needs to close a weekly candle above $11,500 – a feat it hasn’t accomplished in nearly 18 months.

Bear Market Began at $11,500, BTC Stuck Below Resistance Since

High timeframe candlestick closes are often hyped by the crypto community, from the daily to weekly, and beyond. Weekly and monthly closes are especially important and typically represent a stronger technical signal across longer-term trends.

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Bitcoin Price Weekly Close Above $11,500 Would Be First in Nearly 18 Months

On Sunday night, the weekly close in Bitcoin price at around $10,900 was a strong close, beating out the two previous weeks and setting the crypto asset up for further bullish momentum. However, above here, there is strong resistance remaining from where the transition from parabolic advance and bull market into downtrend and bear market first began.

Related Reading | Bitcoin NVT Ratio: Top Predicting Signal Hits Highest Peak, Is a 50% Drop Ahead?

Bitcoin price has not closed a weekly candle above $11,500, suggesting it may be the final hurdle it must overcome before the bull market can begin. The last weekly candle to close above $11,500 was back in January 2018, before the bear market really took hold of Bitcoin and crypto.

Bitcoin Price Must Break $13,800 Before New All-Time Highs Are Set

If any other barriers remain above $11,500, it would be $13,800 – where Bitcoin price was rejected violently back at the end of June, causing a flash crash of over $1,000 in minutes in reaction to meeting the powerful resistance level for the first time in well over a year.

The price level also represents another potential resistance level that may need to be breached in order to truly embark on a bull run. The last time a weekly candle closed above $13,800, was on January 1, 2018, signaling an end to the bull run and hype bubble of 2017.

At the peak, Bitcoin price reached an all-time high of $20,000. If Bitcoin can once again break above $11,500, and then $13,800, it could be off to the races in terms of retesting its all-time high and potentially setting a new one. There is some minor weekly resistance at $15,250, but the momentum of breaking above $13,800 could cause Bitcoin price to blow right past it much like it did when it broke back above $6,000 earlier in the year.

Related Reading | “Golden” Bullish Bitcoin Price Signal: Are 5000% BTC Gains Ahead? 

The current days and weeks are critical for Bitcoin price and the near-term future of its price trend. Watch these important resistance levels closely as price action develops and plan any buying or selling accordingly.

Tags: bitcoinbitcoin pricetechnical analysisweekly close
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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