Cryptocurrency
Here’s Why Bitcoin’s Latest Monthly Close Has Struck a Blow to Its Bear Case
Here’s Why Bitcoin’s Latest Monthly Close Has Struck a Blow to Its Bear Case: As NewsBTC reports, “Bitcoin had a major macro candle close yesterday, posting both its monthly and quarterly candle. “Although BTC saw little volatility heading into this close, the cryptocurrency was able to hold well-above $10,500 before and after it took place, which […]
Here’s Why Bitcoin’s Latest Monthly Close Has Struck a Blow to Its Bear Case:
As NewsBTC reports, “Bitcoin had a major macro candle close yesterday, posting both its monthly and quarterly candle.
“Although BTC saw little volatility heading into this close, the cryptocurrency was able to hold well-above $10,500 before and after it took place, which provided bulls with a serious boost.
“Overnight, the strength resulting from this close allowed Bitcoin to push up towards $11,000, reaching as high as $10,920 before its ascent slowed.
“The selling pressure here is rather significant and may hamper its growth in the days and weeks ahead.
“That being said, one trader did note that the bull case for the benchmark cryptocurrency was boosted by the recent candle close and may indicate that the chances of it seeing upside are beginning to grow.
“At the time of writing, Bitcoin is trading up just under 1% at its current price of $10,870. This marks a break above the trading range it had formed between $10,600 and $10,800, but buyers have been struggling to break above $10,900.
“Because of the lack of strength and conviction seen throughout this latest push higher, bears may be able to regain control over BTC and push it lower in the near-term.
“That being said, the crypto’s mid-term outlook was boosted by yesterday’s monthly and quarterly candle close…”