- Bitcoin is currently caught within the throes of an intense uptrend, with bears being unable to slow its ascent
- The strength of this uptrend has been quite intense, and seems to indicate that significantly further upside could be imminent
- The lower and mid-$19,000 region does hold some intense resistance for the cryptocurrency, and another rejection here could strike a heavy blow to bulls
- That said, the macro strength seen by BTC indicates that a move past this price will come about in the near-term
- One trader is noting that Bitcoin is about to post the highest monthly candle close it has ever seen
- This is an incredibly bullish development that does seem to indicate that upside is imminent
The market’s potent response to this intense decline indicates that some serious upside could be imminent in the days and weeks ahead.
Any extension of this momentum could result in the cryptocurrency seeing fresh all-time highs.
Bitcoin Shows Signs of Strength as It Moves to Retest All-Time Highs
Late-last week, Bitcoin rallied into the mid-$19,000 region before facing a firm rejection that caused its price to slide significantly lower.
The selling pressure seen here has been intense, and it remains unclear as to whether or not bulls have enough strength at the present moment to break above this level.
If BTC can break above its previous all-time highs, it will likely enter price discovery mode and extend its current parabolic uptrend.
A further rejection here, however, could mean that a prolonged consolidation phase is imminent.
BTC is About to See the Highest Monthly Candle Close Ever
As one analyst observed:
“BTC / USD: This will be the highest monthly close of all time, monthly candle is currently +35% above the previously ATH close. I would expect anything below $16,500 to be bought be up extremely aggressively, on anything less than the 1W.”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
From a macro-perspective, this is an incredibly bullish sign, as it indicates that the cryptocurrency’s long-term outlook – as well as its short-term outlook – are bullish.
Featured image from Unsplash. Charts from TradingView.