Bitcoin (BTC) has been in a firm uptrend for the past several months and has only recently found itself caught in a period of consolidation after it failed to break above its recently established 2019 high at $13,800.
BTC’s upwards momentum has allowed it to incur strengthening technical formations, and analysts are now confident that it will soon surge past $13,800 and set fresh yearly highs.
Bitcoin Surges Over 5%, But Nears Strong Resistance Level
At the time of writing, Bitcoin is trading up 5.7% at its current price of $12,560 and is up significantly from its daily lows of $11,800 that were set yesterday.
While zooming out and looking at BTC over a one-month period, it becomes abundantly clear that it is in a firm uptrend, as it has surged from lows of $7,500 to highs of $13,800 in late-June, before entering a period of consolidation that has caused it to range between roughly $10k and $12k.
Bitcoin has been able to break out of this aforementioned range, and is now nearing the $13,000 region, which remains an important region that will likely signal to the markets whether or not the crypto is ready to surge higher, or if it needs to consolidate further.
UB, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Bitcoin does face some resistance around $12,800 and may require a slight dip towards $12,000 before it incurs enough buying pressure to send it surging higher.
“$BTC – Tapped strong resistance and reclaimed a key S & R. This would typically be a short signal but I would prefer to buy the dip around $12.1k – $12k. Makes sense for a rejection on the first attempt at $12.8k – nothing to be alarmed about,” he explained.
$BTC – Tapped strong resistance and reclaimed a key S & R.
This would typically be a short signal but I would prefer to buy the dip around $12.1k – $12k.
Makes sense for a rejection on the first attempt at $12.8k – nothing to be alarmed about. #Bitcoin pic.twitter.com/QFK7k0kJvE
— UB (@CryptoUB) July 9, 2019
BTC May Soon Surge Past $13,800 and Set Fresh 2019 Highs
Josh Rager, another popular cryptocurrency analyst on Twitter, echoed a similar sentiment to UB in a recent tweet, telling his followers that there is only minor resistance stopping the crypto from surging to fresh yearly highs.
“$BTC Update: Fool me once, shame on you… Fool me twice, shame on me. No way was I shorting Bitcoin after a close under the resistance again. Not much stopping this train, just minor daily & weekly resistance left until new yearly highs,” he noted while referencing the below chart.
Fool me once, shame on you… Fool me twice, shame on me
No way was I shorting Bitcoin after a close under the resistance again
Not much stopping this train, just minor daily & weekly resistance left until new yearly highs pic.twitter.com/81Fy43HJZw
— Josh Rager 📈 (@Josh_Rager) July 9, 2019
As the week continues on and Bitcoin’s current momentum continues to unfold, it is highly likely that analysts will soon garner better insight into where the markets are heading next.
Featured image from Shutterstock.