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Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan

Only Two Lines of Defense Remain Ahead of New Bitcoin All-Time High

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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Bitcoin price has had a tremendous year in 2020 thus far, rising from lows around $6,800 at the start of the year to well over $10,000 currently.

Now that Bitcoin is back above such an important level, only two lines of defense remain between the current price and a new all-time high being set on monthly timeframes.

Two Resistance Levels Left Between Here and New Bitcoin All-Time High

There’s no denying on daily timeframes that Bitcoin price has been looking the most bullish it has been since the April 2019 parabolic rally, or the 2017 bull run before it.

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But it’s on higher timeframes where Bitcoin looks the most bullish – across both weekly and monthly time scales.

And higher timeframes often are the most dominant in establishing the underlying trend in play.

Related Reading | Bitcoin Just Formed a Golden Cross, Restoring Faith in A Crypto Bull Run 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The recent rally has propelled Bitcoin from lows in the high $6,000 range, to as high as $10,500 overnight in a push to reclaim last year’s highs.

Now that Bitcoin has retaken the $10,000 psychological resistance level and flipped it into support, investors bullish on the leading cryptocurrency by market cap only have two remaining lines of defense to get through, before a new all-time high is set.

bitcoin price monthly chart month

The Last Two Lines of Defense Bulls Need to Break Through Are…

Above current levels on monthly timeframes, Bitcoin must break above the recent high set in June of last year, at roughly $10,760.

Beyond that level, just a mere couple hundred dollars away at this point, Bitcoin price would then have to contend with the monthly high set in December 2017 when Bitcoin set its record for the highest price it ever reached.

While the actual Bitcoin all-time high was set at just under $20,000, the highest monthly candle close ever recorded was $13,880.

If this number looks familiar, it’s just about where Bitcoin topped out in late June 2019, proving just how strong the resistance level is.

However, if the leading cryptocurrency by market cap can get above that level, the sky is the limit, as the first-ever cryptocurrency would return to price discovery mode, setting a new high after high until the asset tops out once again and the entire cycle repeats.

Related Reading | Analyst: Recent Bitcoin Rally Is Only the Start, Retail Will Take it to New Highs 

Breaching the former all-time high price of $20,000 will likely cause extreme FOMO across the crypto market, and potentially lure in new money, resulting in a massive bull run and BTC reaching prices of $100,000 or higher.

But it’s all predicated on a strong break of $10,760, and $13,880 – the two final battlegrounds between bears versus bulls, which will decide the long-term fate of Bitcoin and the rest of the cryptocurrency market.

Featured image from Shutterstock
Tags: bitcoinbitcoin priceBull Marketcryptomonthly timeframes
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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.

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