Bitcoin Continues Struggling to Set Fresh All-Time Highs: What Analysts are Saying

Bitcoin

Bitcoin and the entire crypto market have been caught within the throes of a prolonged consolidation phase throughout the past few days and weeks.

The aggregated crypto market has been struggling to gain any momentum. This can largely be pinned on the benchmark cryptocurrency’s inability to break above its previously established all-time highs.

Where the entire market trends in the mid-term will likely hinge on whether or not BTC can set fresh highs.

One trader is now noting that there’s a strong possibility serious upside is imminent, as the strength of the cryptocurrency’s latest weekly close will likely go a long way towards providing it with some momentum.

Bitcoin Consolidates Above Key $19,000 Level

At the time of writing, Bitcoin is consolidating around the lower-$19,000 region. This is where it has been trading throughout the past few days and weeks.

The selling pressure seen at $19,400 has stopped it from moving higher throughout the past few days, with this being the first key resistance for the crypto before the region between $19,800 and $20,000.

Trader: BTC’s Macro Outlook is Strong Following Weekly Close

Bitcoin just posted the highest weekly candle close it has ever seen yesterday, which signifies that serious upside could be right around the corner for the cryptocurrency.

One analyst spoke about this in a recent tweet, explaining that it has undoubtedly boosted its outlook:

“BTC: Hit an all-time-high weekly close this weekend on Bitstamp. Looks like Coinbase closed right below 2017 weekly ATH. So close to $20k+”

Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.

Although it still has some major hurdles in front of it before it can set fresh all-time highs, the strength it is showing over higher time frames is incredibly bullish.

Featured image from Unsplash.
Charts from TradingView.
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