Bitcoin May Post Its 2nd Highest Two-Month Close in History as Bulls Take Control
Bitcoin and the entire crypto market are seeing some intense strength today, which has allowed the benchmark cryptocurrency to push towards $12,000 while altcoins like Ethereum begin garnering significant momentum.
The strength seen by Ethereum over the past couple of days has been so intense that some analysts are noting that it may be creating a tailwind that is helping to drive BTC higher.
Other analysts are also observing that BTC is seeing degrading resistance between its current price and $13,000 – which means that it may only be a matter of time before the crypto explodes higher.
Bitcoin to Post Second-Highest Monthly Candle Close Ever
At the time of writing, Bitcoin is trading up marginally at its current price of $11,710. This is around the price at which it has been trading throughout the past several days and weeks.
The strong recovery it was able to post late-last week when it dipped to lows of $11,100 is a bullish sign for the digital asset.
One analyst recently pointed to the cryptocurrency’s two-month candles, noting that tonight’s close will be the second-highest one ever seen.
“BTC could print its second highest two monthly close in history tonight.”
Chance of BTC Seeing Further Upside Grows Alongside Technical Strength
One analyst is now noting that the likelihood of Bitcoin seeing further upside is growing, as its resistance is beginning to degrade while looking at its high time frame chart.
“High time frames on Bitcoin looks good. The weekly candle shows that buyers were interested in sub $11,550. And there isn’t much holding Bitcoin between the current price and $13ks on high time frames. I personally think it’s time BTC makes way for $12k+ again,” he explained.
If Bitcoin closes its two-month candle around its current price levels, it would be a sign of macro strength.