Bitcoin Posted First Weekly Close Above $11,700: Price Analysis

Bitcoin posted first weekly close above the $11,700 level which is a first time since 2018 as we are reading more in the latest bitcoin news today.

The benchmark cryptocurrency is pushing towards the long-held resistance around $13,200 so if this level is surpassed in the near-term, BTC could gain more traction which causes the price to rocket higher. Where will the market trend next will depend on the Bitcoin reaction of this level? One factor that is working in the buyers’ favor is the fact that Bitcoin posted a highly bullish weekly close. Bitcoin posted first weekly close above $11,700 which was seen in 2018. Bitcoin saw an independent rally higher today with the bulls trying to break the long-held resistance at the $13,200 level.

It’s also important to note that there is heavy selling pressure over the entire $13,000 region. There was also a decisive break and hold above the level which could create momentum that will carry it past the selling pressure. Analysts noted that during yesterday’s weekly candle close, bitcoin gained serious strength but it is also important to note that this was the first candle close above $11,700 that was seen since early 2018. At the time of writing, Bitcoin was trading up just under 1% with a current price of $13,140. This is around the same price level at which it was trading over the past few days. the consolidation phase that was seen by BTC as of late has been rather intense but the bulls could eventually end it if they push it above $13,200.

A break above this level could be all that is needed for it to see serious upsides in the upcoming days and weeks ahead. One analyst also outlined the significance of Bitcoin’s latest weekly close in a recent tweet. He explained that the cryptocurrency could be entering into a new bull phase, warning that the pullbacks are to be expected but there are also exciting times ahead for Bitcoin:

 “BTC: Bitcoin with a 13%+ candle to close out the week. And ever since flipping the 2019 high daily close of $12,920… Bitcoin has closed above it multiple days straight as we work on the highest daily close since Jan 2018. Pullbacks to be expected but exciting times ahead.”