According to cryptocurrency market news and analysis of the Minerland, The price of Bitcoin is on the verge of reaching its highest monthly record. Of course, buyers must break the $ 14,000 resistance level to record a new historical high since 2018.
According to Cointelegraph, after falling unbelievably to $ 3,700 in March, Bitcoin has gone through turbulent days this year. It was able to cross the $ 14,000 threshold in the months after it was able to cross the $ 12,000 threshold. Slowly In recent days, Bitcoin, with the highest price since January 2018, was able to touch the price level of $ 14,100.
Thus, with the successive record-breaking Bitcoin, the possibility of a new uptrend greatly strengthened. Also, the US dollar index, which is inversely related to its value, is recovering amid widespread fears of the coronavirus, which could boost Bitcoin’s uptrend.
What will be the new Bitcoin resistance levels?
By looking at the weekly chart, you can see the important levels. One of these levels is the resistance range formed around $ 14,000. Breaking this range could allow you to climb the next resistance threshold in the $ 16,500 to $ 17,000 range. These two levels are the last obstacles that put a new record in front of Bitcoin’s price. This record is close to the historical record of Bitcoin. However, many altcoins have a long way to go to set new records compared to their historical highs in 2017.
There are also two vital levels for a potential downturn. The first and foremost levels are in the vicinity of $ 11,400 to $ 11,800. This range has been a major resistance period for two years. It means that before any upward movement, it is likely to return to these levels.
However, if this range is lost, the next support range is in the range of $ 10,100 to $ 10,400. If the market is in bullish territory, maintaining this range will be crucial.
Is there a possibility of setting the highest monthly record for Bitcoin?
Due to the monthly chart, the highest monthly record for Bitcoin is possible. This event will coincide with the 12th anniversary of the release of the Bitcoin White Paper. However, the significance of the current resistance range is that it can consider a high resistance facing Bitcoin before moving to a new historical ceiling.
The current behavior of the market is similar to the upward cycle of 2016. When the resistance range of $ 13,700 to $ 14,200 breaks. The continuation of the current uptrend will go to a new historical ceiling.
Of course, it should not be overlooked that the onset of a new uptrend is usually accompanied by periods of accumulation. During that, the previous resistance limits re-tested and approved as support levels. A period of accumulation would mean that the price of Bitcoin could reach $ 11,600. In this case, it will have enough support for a high upward movement.