Bitcoin

Bitcoin is Poised to Push Towards $14,000 After Posting Bullish Weekly Close

Cole Petersen | Aug 17, 2020 | 18:00

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• Bitcoin has continued consolidating within the upper-$11,000 region overnight
• This extended period of sideways trading has come about despite it facing multiple recent rejections at $12,000
• Its inability to break above this level has so far not led it to see any notable near-term downside, with $11,700 becoming a strong level of support
• This support level was previously a crucial resistance that it was struggling to close above
• Yesterday marked the first daily – and weekly – close that the cryptocurrency had been able to post above this crucial level
• This has led analysts to believe that upside is imminent, with one even targeting the region around $14,000

Bitcoin and the aggregated cryptocurrency market have been flashing mixed signs in recent weeks, with Ethereum seeing strong upwards momentum as BTC continues consolidating.

This trend has done little to offer BTC investors insight into the cryptocurrency’s mid-term outlook.

It does remain firmly bullish over a macro time frame, but its stalling momentum has struck fear into some investors.

One analyst, however, is now explaining that the higher high it was able to post on its weekly candle seems to indicate that upside is imminent.

He even believes that this next movement could send its price surging as high as $14,000.

Bitcoin Posts Bullish Weekly Close Despite Inability to Break $12,000

Bitcoin bulls may be laying the groundwork for a movement past $12,000.

Although the benchmark cryptocurrency has been consolidating beneath $12,000 for the past few weeks, its technical outlook is growing brighter.

At the time of writing, Bitcoin is trading up marginally at its current price of $11,900. This is around where it has been trading for the past day.

Because it was able to close at this price level, its daily and weekly candles both closed above $11,700 for the first time since 2017.

While speaking about this, one analyst offered a chart showing the historical significance of the $11,700 level.

“First ever successful close above 11,700 since the mania run in 2017.”

Image Courtesy of Teddy. Chart via TradingView.

Here’s How High This Technical Strength May Lead BTC 

While speaking about where Bitcoin may trend next, another analyst explained that he is now watching for a move towards $14,000.

“BTC: Heading toward another higher-high on the weekly close. Next levels to watch on weekly IMO, are $13,600 to $14,100,” he said.

Image Courtesy of Josh Rager. Chart via TradingView.

This recent bullish weekly and daily candle close will likely be one of the primary factors that help send Bitcoin surging past its key near-term resistance.

Featured image from Unsplash.
Charts from TradingView.