• 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
    • 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
  • Buy SilverTry
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
    • 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
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Just Closed Above a 3-Year Trendline Formed At 2017’s $20k High

Nick Chong by Nick Chong
7 months ago
in Bitcoin
Reading Time: 3min read
Bitcoin

Original oil painting showing mighty storm in ocean or sea on canvas. Modern Impressionism, modernism,marinism

Advertisement

Bitcoin is finally moving higher after weeks of boring consolidation. In the past seven days, the asset has rallied around 4.5%. A small performance, sure, but one impressive when considering how stagnant large-cap cryptocurrency market has been over recent memory.

From a macro perspective, this recent price action may not seem to be of much importance. Yet an analyst says that the recent rally has allowed Bitcoin to accomplish a critical technical feat that could lead to more upside.

Related Reading: Crypto Tidbits: Twitter’s “Bitcoin Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH

Bitcoin Just Crossed Above a Pivotal Level

According to the head analyst at Blockfyre, a crypto research firm, the price level of the CME’s Bitcoin futures just crossed above a pivotal level:

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

“#Bitcoin just had it’s first daily close ever ABOVE the 3 year downtrend line from ATH’s when CME Futures launched.”

As the chart below shows, this technical level has been of macro importance. The level rejected Bitcoin at the peak of 2019’s rally at around ~$14,000, then suppressed the leading cryptocurrency over the past few months as it attempted to break higher.

Image

Chart of Bitcoin's macro price action (BTC futures on the CME, not spot exchanges) by trader "Pentoshi" (@pentosh1 on Twitter). Chart from TradingView.com

Bitcoin completing this technical accomplishment has made the analyst who observed this extremely optimistic about BTC’s prospects:

“This is potentially an invalidation with a HH of any bearish case and the official start of a new macro bull trend.”

It’s important to note that Bitcoin’s spot market price has not yet crossed above a similar trendline. Though, the analyst who shared the chart above wrote that BTC could “teleport” above that level as pressure continues to build under the asset.

The recent rally in the crypto market is also bullish for BTC across a shorter time frame. One trader commented that the rally to $9,600 allowed the asset to break a bearish market structure that was set to send Bitcoin plummeting:

“Multiple failed attempts to send price lower soaked up at daily demand & the monthly open for BTC. Yesterday’s 1D close posted a higher high breaking MS on the daily. Metals, equities, alts, all ripping higher… may be time for the best asset of the past decade to now,” the trader said in reference to the chart below.

bitcoin

Chart of BTC breaking a local bearish market structure by crypto trader “HornHairs” (@Cryptohornhairs on Twitter). Chart from TradingView.com

On-Chain Data Shows Bulls Are in Control

On-chain indicators also suggest BTC bulls are currently in control of price action.

Ki Young Ju, the chief executive of Crypto Quant, recently shared a confluence of on-chain metrics signaling a “BUY.”  These include low Bitcoin miner outflows, low outflows from BTC whales, and a low number of coins held by exchanges.

On-chain Indicators Status: BUY 🟢
– Miners are not selling (based on MPI, Miner Outflows)
– No significant #BTC exchange inflows from whales so far
– All exchanges' reserve hit the year-low a month ago and keep that low pic.twitter.com/IzEmujvbsU

— Ki Young Ju (@ki_young_ju) July 20, 2020

Related Reading: Why Regulators Allowing US Banks to Hold BTC Is So Positive for Crypto
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
BTC Just Closed Above a 3-Year Trendline Formed At 2017's $20k High
Tags: bitcoin pricebtcusdBTCUSDTxbtusd
TweetShare
Nexo Logo
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
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bearish Correction Pauses: Focus Remains on Dollar and Yields

9 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Affect? Billionaire Fund Manager Sells 1.8M Tesla Shares for Clients

1 day ago
Bitcoin on Back Foot as Focus Turns to Powell Speech; What to Expect?

Bitcoin on Back Foot as Focus Turns to Powell Speech; What to Expect?

1 day ago
bitcoin gold ethereum mark cuban peter schiff

Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Price Outlook: Executive Sees BTC/USD At $60,000

2 days ago
Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

4 days ago

Premium Partners

Top Brokers

eToro

eToro

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
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

EcoCelium is Now Live – Ready to Mark the Next Step in DeFi

March 5, 2021

MXC Exchange Commits to Integrating USDC-SPL on Solana

March 5, 2021

Gambling Exhibition Ukrainian Gaming Week 2021: A Range of Products From Exhibiting Companies, an up-to-Date Program and a Special Offer

March 5, 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
    • 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
  • Buy Silver

© 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.