Bitcoin Flashes Signs of Strength as All-Time Highs are Back on the Table



  • Bitcoin is once again exploding higher, with the recent dip to lows of $17,6000 proving to be fleeting as bulls take control of its price action
  • The crypto is rapidly approaching its previous all-time highs as bulls aim at sending it past $19,400
  • This has long been a strong resistance level for the crypto, and a break above it could indicate that a move towards $20,000 is imminent
  • One trader is now noting that the cryptocurrency’s technical strength is rapidly climbing, with the support-resistance flip of $18,600 indicating that bulls are in full control of its price action
  • He concludes that it is only a matter of time before Bitcoin smashes above its all-time highs

Bitcoin and the entire crypto market are pushing higher today, with the benchmark crypto’s break above $19,000 putting its near-term trend back into the firm control of buyers.

Where it trends in the mid-term should depend largely – if not entirely – on whether or not it can hold above $19,000 and eventually break above $19,400. This level has long been a strong region of resistance for the cryptocurrency.

One trader believes that a break above this level is imminent, concluding that it is only a matter of time before new all-time highs are set.

Bitcoin Rallies Past $19,000 Following Period of Weakness 

At the time of writing, Bitcoin is trading up just under 3% at its current price of $19,350. This is around where it has been trading throughout the morning, with its overnight break above $19,000 being an incredibly bullish development.

This move higher comes shortly after the crypto declined to lows of $17,600 earlier this week, which had put the crypto at grave risk of seeing further downside.

Trader Claims BTC is on the Cusp of Setting New All-Time Highs 

It may only be a matter of time before Bitcoin sets fresh all-time highs and smashes above the resistance it has at $19,400 and $19,800.

One trader spoke about this in a recent tweet, stating:

“BTC / USD: Perfect S/R flip at $18,600 and setup exceeded expectations as price pretty much ignored $19,100 and went straight to the the resistance high at $19,300. Lock in some profits… Took some profit here on the long since $17,600, but honestly I think we smash ATH soon.”

Image Courtesy of Cactus. Source: BTCUSD on TradingView.

The upcoming weekly candle close should provide Bitcoin with momentum that could carry into the week ahead.

Featured image from Unsplash.
Charts from TradingView.





Source link

Latest articles

Jack Dorsey’s Square has ‘no plans’ to purchase more Bitcoin ‘at this point’

Digital payments company Square, led by Twitter CEO Jack Dorsey, decided to hit the brakes—at least for the time being—on Bitcoin...

Bitfinex hacker will need 114 years to launder $7 billion worth of stolen Bitcoin

Only 4% of nearly 120,000 Bitcoin (around $7 billion today) stolen by a hacker from crypto exchange Bitfinex in 2016 have...

This firm turned an old power plant into Bitcoin farm—and mined $60 million in a year

Over the past few years, private equity firm Atlas Holdings has created arguably the most ambitious and self-sufficient Bitcoin mining facility...

Mark Cuban reaffirms Bitcoin plans after Tesla snub sparks concerns

Billionaire ‘Shark Tank’ star Mark Cuban said today that Dallas Mavericks, the Cuban-owned NBA basketball team, will continue to accept Bitcoin...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here