The Bitcoin (BTC) price increased considerably last week and resumed its upward movement on Feb. 8.
Today, Bitcoin has already reached a new all-time high price and is expected to continue increasing.
Highest Ever Weekly Bitcoin Close
During the week of Feb 1-8, BTC increased considerably and reached a weekly close of $38,795. This is the highest weekly close recorded in Bitcoin’s history.
Bitcoin continued its ascent in the following week and is currently in the process of creating another significant bullish candlestick.
Technical indicators are also bullish, supporting the continuation of the upward movement. While there is a possible bearish divergence in the weekly RSI, it has not yet been confirmed.
New All-Time High
On Feb. 9, BTC reached a new all-time high price of $47,910. At the time of press, BTC was making another attempt at pushing even higher.
Technical indicators are entirely bullish. The MACD has crossed above the 0-line, the RSI has crossed above 70, and the Stochastic oscillator has just made a bullish cross.
The previous all-time high resistance area at $41,300 is now likely to act as support.
Due to BTC being at an all-time high, there is no resistance above the current price.
Short-Term BTC Movement
The short-term chart also supports the continuation of the upward move.
BTC has flipped the $37,000 resistance area and validated it as support before bouncing and beginning the current upward movement.
Furthermore, BTC is following a short-term ascending support line and is expected to continue moving upwards as long as it’s trading above it.
Despite being overbought, technical indicators are bullish, thus indicating that BTC is expected to move higher.
Conclusion
Bitcoin has just reached a new all-time high price and is expected to continue increasing in the near future.
For BeInCrypto’s previous Bitcoin (BTC) analysis, click here
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