Bitcoin Hodlers Celebrate Fourth Green Week after Price Surge
After a slow start, bitcoin price action has been extremely bullish. Bitcoin hodlers celebrate as the week closes on another year-to-date high.
The bitcoin price has shrugged off lacklustre trading at the start of last week, regaining its losses and firing $800 higher on Sunday evening – a rise of 10% in a matter of hours.
Last week we reported on the same phenomenon: a rocky start to the week, ending with a very strong close on Sunday that took traders by surprise and painted yet another higher high for the year. The past four consecutive weeks have now been strong green candles. Bitcoin put in a 7.4% rise last week, following three weeks of double-digit increases – with the entirety of the gains occurring in the last few hours of Sunday.
This will likely lead to accusations of market manipulation, since the timing can be seen as suspicious – right before the close of the weekly candle, to which longer-term traders and algorithmic trading bots pay close attention. The bitcoin price is now very clearly in a vigorous uptrend, confounding expectations of a pullback following a parabolic move upwards and causing bitcoin hodlers to celebrate. Many traders are still calling for a fall back to the $7,000 level, support at $6,000 or even lower – but bitcoin has so far defied gravity.
$9,000–$10,000 is a fair target for this move to the upside, with the $10k mark proving a major target last bull run and a strong psychological level. Should bitcoin break $10k with ease, the last real resistance level is $12k, where there was temporary consolidation on the way down from the bubble of 2017. Above $12k there is very little in the way of resistance to $20k, due to the parabolic nature of the move up to $20k. Above $20k, of course, there is no resistance at all – and no real way to predict where bitcoin would top out.