Bitcoin
Bitcoin May Post Its 2nd Highest Two-Month Close in History as Bulls Take Control
Cole Petersen | Aug 31, 2020 | 18:00
- Bitcoin has been able to avoid seeing any type of intense bearishness today, as the cryptocurrency is now trading near $11,800
- Although it has yet to test its key $12,000 resistance, it does appear that buyers are laying the groundwork for a visit to this level
- One trader is observing that some technical factors are now working heavily in Bitcoin’s favor, including degrading resistance between its current price and $13,000
- This comes as Bitcoin rapidly approaches its two-month candle close, which will be the second-highest one the crypto has ever seen – so long as bulls remain strong
Bitcoin and the entire crypto market are seeing some intense strength today, which has allowed the benchmark cryptocurrency to push towards $12,000 while altcoins like Ethereum begin garnering significant momentum.
The strength seen by Ethereum over the past couple of days has been so intense that some analysts are noting that it may be creating a tailwind that is helping to drive BTC higher.
Other analysts are also observing that BTC is seeing degrading resistance between its current price and $13,000 – which means that it may only be a matter of time before the crypto explodes higher.
This comes as the crypto’s two-month candle close nears, which will be the second-highest one in BTC’s history if bulls can hold it above its current price levels for the rest of the day.
Bitcoin to Post Second-Highest Monthly Candle Close Ever
At the time of writing, Bitcoin is trading up marginally at its current price of $11,710. This is around the price at which it has been trading throughout the past several days and weeks.
The strong recovery it was able to post late-last week when it dipped to lows of $11,100 is a bullish sign for the digital asset.
One analyst recently pointed to the cryptocurrency’s two-month candles, noting that tonight’s close will be the second-highest one ever seen.
“BTC could print its second highest two monthly close in history tonight.”
Image Courtesy of Bitcoin Jack. Chart via TradingView.
Chance of BTC Seeing Further Upside Grows Alongside Technical Strength
One analyst is now noting that the likelihood of Bitcoin seeing further upside is growing, as its resistance is beginning to degrade while looking at its high time frame chart.
“High time frames on Bitcoin looks good. The weekly candle shows that buyers were interested in sub $11,550. And there isn’t much holding Bitcoin between the current price and $13ks on high time frames. I personally think it’s time BTC makes way for $12k+ again,” he explained.
Image Courtesy of Josh Rager. Chart via TradingView.
If Bitcoin closes its two-month candle around its current price levels, it would be a sign of macro strength.
Featured image from Unsplash. Charts from TradingView.
