Home / Business / Bitcoin is likely to set new highs since the beginning of the year if it closes above $ 8,740, here's why

Bitcoin is likely to set new highs since the beginning of the year if it closes above $ 8,740, here's why

Bitcoin and aggregated cryptography markets have been able to grow significantly over the last 24 hours and BTC has now been able to consolidate its position in the USD 9,000 region. This upward momentum has allowed BTC to set new highs since the beginning of the year and is expected to be in the near future in the five-digit price region.

Analysts are now finding that bitcoin should continue to climb if it manages to retain more than $ 8,740, but they also explain that it faces a resistance of $ 9,600.

Bitcoins are skyrocketing to new highs since the beginning of the year as bulls gain full control

At the time of writing this article, Bitcoin is trading up nearly 5% at its current price of $ 9,200, a significant increase from the 24-hour low of just over $ 8,700 .

Over a period of one week, BTC trades significantly from $ 7,600, and its last upward step, which pushed its price into the $ 9,000 region, marked a significant expansion of the dynamic the rise recorded by the cryptocurrency in early April he began his rise of less than $ 4,000.

This dynamic, which seems emblematic of a bull market, could ultimately lead BTC to a significant rise in the near future and could result in a parabolic upward movement.

Despite this, BTC still faces several significant levels of resistance that could be quite strong.

Alex Krüger, a popular economist who focuses on cryptocurrency, spoke about these levels of resistance in a recent tweet, explaining that the former currently exists at $ 9,600.

"$ BTC just exchanged the new year's highs. Next major resistance levels: 9600, 10000, 11500-11750, 13000, 15000, 17400, 20000, moon, "he explained.

Analyst: BTC will likely continue to go bankrupt if it stays above $ 8,740

For BTC to continue to soar, it is important that BTC has more than $ 8,740 for its next weekly candle closing.

Josh Rager, another popular cryptocurrency analyst on Twitter, recently spoke of the importance of this weekly closure in a tweet:

"$ BTC Weekly 'Bullish Engulfing' Candle. The strong upward trend followed by the collapse with a bullish engulfing candle helped to continue the upward trend of the last bullish cycle. The current uptrend shows similar trends. The weekly close above $ 8740 could probably signal a continuation of the new annual highs. "

As the weekend comes to an end and Bitcoin continues to express incredibly bullish price action, it will probably be increasingly clear whether or not investors can expect it. that a new parabolic movement will occur in the near future.

Selected image of Shutterstock.

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