BTC’s price hit $14,100 highs – the highest price in more than 32 months
Bitcoin is trading almost $13,800 a day, just below the weekend high of $14,100. While the main cryptomoeda appears to recover above the resistance area, all eyes are on the performance of the legacy markets in the days ahead, a scenario that is likely to impact the market basket of cryptomoeda as risk aversion hits traders in the traditional market.
BTC/USD pair hits highest price in nearly 3 years
After struggling with a marginal sale last Friday that saw its value drop below $13,000, the BTC/USD pair has reached its best price level in over two and a half years. The last time Bitcoin traded at highs of $14,000 was in January 2018.
Analysts are pointing to the level as the main barrier for Bitcoin to see a new bull race that would take its price beyond the 2017 high of $20,000. The technical outlook is also quite optimistic with the price reaching a new high in both weekly and monthly candles. The Bitcoin closed in October at $13,816, the first time it has closed higher since the BTC/USD pair began to decline from its December 2017 peak.
The bullish outlook for Bitcoin Loophole is also strengthened by the price action on the daily chart. As we can see below, the likelihood of another upward explosion remains intact as the daily candle hugs the upper boundary of the Bollinger Bands with bullish divergence.
The picture suggests that the bulls will likely remain in control if they buy any fall and send the price back above the immediate $14,000 barrier. Once again, a weekly close above the barrier may cause an increase in buying pressure and help in the search for more gains.
However, as we highlighted earlier, the short term technical picture also shows a fractal pattern that suggests bears are not entirely out of the action. Under the pattern, the BTC/USD pair will likely see a large retracement to prices near $12,000 before resuming the uptrend into a new ATH.
The main price levels to watch this week are $14,000 – $13,800 and $13,800 – $13,000. Staying or breaking above the former keeps the Bitcoin uptrend while retreating below the latter’s upper limit would attract more selling pressure and cause prices to fall.