Analysts are now noting that Bitcoin is likely to continue surging higher if it is able to hold above $8,740, but they are also explaining that it does face resistance at $9,600.
Bitcoin Skyrockets to Fresh Year-To-Date Highs as Bulls Gain Full Control
At the time of writing, Bitcoin is trading up nearly 5% at its current price of $9,200, up significantly from 24-hour lows of just above $8,700.
Over a one-week period, BTC is trading up significantly from lows of $7,600, and its latest upwards leg that has pushed its price into the $9,000 region has marked a significant extension of the upwards momentum that the cryptocurrency first incurred in early-April when it began its ascent from under-$4,000.
This momentum, which does appear to be emblematic of a bull market, may ultimately lead BTC to surge significantly higher in the near future, and could result in a parabolic upwards movement.
Despite this, BTC does still face several significant resistance levels that may prove to be quite strong.
Alex Krüger, a popular economist who focuses primarily on cryptocurrency, spoke about these resistance levels in a recent tweet, explaining that the first one currently exists at $9,600.
“$BTC just traded new year highs. Next major resistance levels: 9600, 10000, 11500-11750, 13000, 15000, 17400, 20000, moon,” he explained.
$BTC just traded new year highs.
Next major resistance levels: 9600, 10000, 11500-11750, 13000, 15000, 17400, 20000, moon.
— Alex Krüger (@krugermacro) June 16, 2019
Analyst: BTC Likely to Continue Surging If It Holds Above $8,740
In order for BTC to continue surging higher, it is important that it holds above $8,740 for its upcoming weekly candle close.
Josh Rager, another popular cryptocurrency analyst on Twitter, discussed the importance of this weekly close in a recent tweet, saying:
“$BTC Weekly ‘Bullish Engulfing’ Candle. Strong uptrend followed by pullback with ‘bullish engulfing’ candle led to continued uptrend last bull cycle. Current uptrend is showing similar patterns. The weekly close above $8740 could likely signal a continuation to new yearly highs.”
$BTC Weekly "Bullish Engulfing" Candle
Strong uptrend followed by pullback with "bullish engulfing" candle led to continued uptrend last bull cycle
Current uptrend is showing similar patterns
The weekly close above $8740 could likely signal a continuation to new yearly highs pic.twitter.com/02DFn2O3zr
— Josh Rager