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Friday, August 12, 2022

Bitcoin Has Been Aiming For Its Highest Weekly Close

The price of Bitcoin was around the top of its recent range of trading on the 20th of March as the weekly close looked pretty set to crack at a multi-week high. According to data received from TradingView and Cointelegraph Markets Pro, it can be understood that the BTC/USD exchange readily maneuvered around the upper zone of $41,000 on Sunday.

The late surge on Friday was held broadly, and Saturday did see quite a return of $42,400 on Bitstamp, which matched the high from the start of March. Now, the weekly start looks pretty set to deliver the best weekly close of the cryptocurrency since the early part of February. 

Bitcoin Aiming For A Major High

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Lyn Alden, one of the analysts involved, recently stated that the facts could change at any point in time, but frankly, the price chart of Bitcoin did look better than it did some time back. Most of the previous takes regarding this data had already cautioned about a real sphere of movement that could occur in the price action of BTC, with Pentoshi warning that a potential upward movement might not last. The popular trader further claimed that it could actually lead to new lows.

Credible Crypto, another Twitter analyst, has also presented a variety of trajectories for the exchange of Bitcoin and USD which are based on the daily demand that holds the market at a very specific price. One of the options involves a break of $42,500, which is then followed by a sum of $45,000 while the bearish counterpart did deliver at a bottom range of $29,000- $32,000.  

On longer Bitcoin timeframes, such confidence seems to be the highlight of all. For as long as the price continues to be above the range of 34K on the W3 timeframe, this hidden bullish division would definitely play out itself and send the traders to the new ATH.

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