Bitcoin Likely to Set Fresh Year-To-Date Highs If It Closes Above $8,740, Heres Why

Bitcoin and the aggregated crypto markets have been able to surge significantly higher in the past 24-hour and BTC now been able to solidify its position within the $9,000 region. This bullish momentum has allowed BTC to set fresh year-to-date highs and will likely lead it into the five figure price region in the near-future.

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 Kr?ger, 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.

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.

As the weekend wraps up and Bitcoin continues to express incredibly bullish price action, it will likely grow increasingly clear as to whether or not investors can expect another parabolic move to occur anytime soon.


Featured image from Shutterstock.

The post Bitcoin Likely to Set Fresh Year-To-Date Highs If It Closes Above $8,740, Heres Why appeared first on NewsBTC.

16.06.2019 / 13:30 59
Bitcoin: After Surging Past Resistance at $8k, Analysts Expect BTC to Continue Surging Higher Bitcoin: After Surging Past Resistance
After an extended period of sideways trading, Bitcoin and the aggregated crypto markets have been able to surge today, which has allowed BTC to break
Bitcoin May Soon Set Fresh Year-To-Date Highs, Assuming it is Able to Surge Past $8,800 Bitcoin May Soon Set Fresh Year-To-Date
Although Bitcoin faced some levels of downwards pressure earlier this week, it has since been able to recover and appears to be continuing to extend
Analysts Believe Bitcoin is Likely to Surge Past $9,000 in Near Future as Upwards Momentum Builds Analysts Believe Bitcoin is Likely to
The crypto markets have undoubtedly been in an uptrend over the past several weeks that has allowed Bitcoin to set fresh year-to-date highs in the
Analysts Expect Ethereum to Surge Higher in Near-Future as Technical Foundations Strengthen Analysts Expect Ethereum to Surge
Bitcoins upwards ascent over the past several weeks has proven to be very positive for the aggregated crypto markets, and has allowed many major
Analyst: Strong Possibility Bitcoin Runs Past $8,000 Before a Significant Correction Takes Place Analyst: Strong Possibility Bitcoin
Bitcoin and the aggregated crypto markets have been on an explosive upwards surge over the past several weeks, with BTC surging to fresh year-to-date
Despite Bullish Momentum, It May Be Another 18 Months Before Bitcoin Climbs Back to Its All-Time-Highs Despite Bullish Momentum, It May Be
Despite a bout of sideways trading in the crypto markets, Bitcoin has continued to extend its upwards momentum that was first established in
Comments (0)
Add a comment
Comment on