The price of Bitcoin is unquestionably having a remarkable year after crashing to thirty-seven hundred USD in the month of March. However, it rallied to fourteen thousand USD in the subsequent months. Now Bitcoin has touched the uppermost point since January 2018 as the price recently crossed fourteen thousand USD.
Consequently, the probability of the new bull cycle is profoundly snowballing as BTC’s price continues to make new higher highs and higher lows. Apart from that, the strength is even seen while the U.S. Dollar Currency Index, with which it is characteristically correlated in an inverted manner, is also getting better amidst Covid-19 qualms.
Bitcoin’s weekly chart shows some critical levels to be observed in order to continue the bullish impetus. One of them is the present resistance zone near the fourteen thousand USD threshold. It is to be noted that breaking through this resistance zone would start additional movement toward the ensuing threshold around seventeen thousand USD.
Nevertheless, the beginning of a new bull cycle is characteristically followed by buildup stages, through which preceding resistance zones are retested and established as support. Such an accumulation phase would signify that BTC’s price can show a correction toward 11,500 USD to find adequate support before a key move up.
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