Exclusive Bitcoin (BTC) Reaches Highest-Ever Weekly Close

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In Brief
  • BTC is nearing a new all-time high price.

  • It has broken out from a descending resistance line.

  • Daily and short-term indicators are bullish.

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The Bitcoin (BTC) price increased slightly last week and reached its highest-ever weekly close.

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BTC is expected to break out above the current horizontal resistance area and reach a new all-time high price.

Highest-ever weekly close

BTC increased slightly last week, going from a low of $55,473 to a high of $61,500. It managed to close at $60,002, which was simultaneously the first close above $60,000 and the highest-ever weekly close. 

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There are some signs of weakness, however. There is a decreasing momentum in the MACD and a bearish divergence developing in the RSI. However, the RSI has yet to reach its divergence line and the MACD has not yet made a bearish reversal signal. 

Therefore, the signs are not sufficient enough to predict that a top has been reached.

Chart By TradingView

BTC aims for new all-time high

The daily chart looks decisively bullish. 

While BTC was rejected on its attempt at a new all-time high on April 10, it is currently gearing up for another upward movement. 

Technical indicators are bullish. 

The RSI has moved above 50, the MACD has given a bullish reversal signal, and the Stochastic oscillator is moving upwards. 

Therefore, the price is expected is reach a new all-time high.

Chart By TradingView

The six-hour chart also supports this. 

BTC has broken out from a descending resistance line and validated it as support after. This candlestick also created a very long lower wick.

In addition, it has reclaimed the $59,600 resistance area. Technical indicators are bullish. Therefore, a breakout is expected, followed by a new all-time high.

For the long-term wave count click here.

Chart By TradingView

Conclusion

Both the daily and short-term bitcoin charts support the possibility of a breakout and a new all-time high price.

For BeInCrypto’s previous bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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