Bitcoin
Bitcoin is About to Post Its Highest Monthly Close Ever as Bulls Roar
Cole Petersen | Oct 31, 2020 | 16:00
- Bitcoin has seen a strong upsurge throughout the past few hours that allowed it to break above its previous $13,800 resistance level
- The selling pressure here has proven to be significant on multiple occasions throughout the past year, and today’s break above this level is extremely bullish
- One trader is now noting that the cryptocurrency is about to see its highest monthly close ever if it can hold above $13,863
- A strong break above this level will lead it to see some serious gains, and potentially put a move to its all-time highs on the table
Bitcoin is currently outperforming the aggregated crypto market as its price rallies up to its key $13,800 resistance.
It broke well-above this level overnight, hitting highs of $14,100 before losing its momentum and declining back to this level.
If it can flip this resistance into support, it could act as a launchpad that leads it to see significantly further gains.
One trader is now noting that a monthly candle close above $13,863 would also mark the highest monthly close ever seen by BTC.
This would be technically significant and potentially lead it to see serious upside in the days and weeks ahead.
Bitcoin Sees Immense Strength as Bulls Try to Flip Key Resistance
At the time of writing, Bitcoin is trading up just under 2% at its current price of $13,780. This is around the price at which it has been struggling to break above throughout the past week.
It has faced dire rejections here in the past, but today it was briefly able to rally as high as $14,100 before losing its momentum.
It is now imperative that bulls step up and stop the crypto from seeing any intense losses in the near-term and flip this level into support before the monthly candle close tonight.
BTC is About to Post the Highest Monthly Close of All Time
If Bitcoin can firmly surmount $13,800 and closes its monthly candle tonight above $13,863, this will be the highest monthly close it has ever posted.
One analyst spoke about the significance of this close in a recent tweet, saying:
“We’re 10 hours from the monthly close, and BTC is sitting right on top of the monthly all time high close of $13,863.”
Image Courtesy of Jonny Moe. Source: BTCUSD on TradingView.
The coming several hours should provide investors with serious insights into Bitcoin’s outlook for the rest of the year.
Featured image from Unsplash. Charts from TradingView.
