The price of Bitcoin reached its highest monthly close by braking through the $14K range level and we got a shot at a new all-time high since January 2018. Bitcoin (BTC) price had his ups and downs, crashing down to $3,700 in March. Rallying up to $14,000 in seven months.
Lately, the new bull cycle constantly causes increasing as the price of Bitcoin continues to make new higher highs and higher lows. It even shows the best scenarios by coming up to every range level set. Do you still remember the slight chance, after the pandemic predictions, in April when an $8,000 BTC seemed futuristic?
Next in line was Bitcoin breaking the $13,700-14,250 area
BTC/USD 1-week chart. Source: TradingView
The last week's 7-day chart shows that some of the crucial levels need to be watched to continue the bullish momentum. The current resistance zone surrounding the $14,000 threshold is important. Breaking such a high resistance zone, after months of struggling to reach at least $10,000 would initiate the next threshold around $16,500-17,000. As usual, this scenario would improve the altcoins market and prove one more time that cryptocurrency is a worthy asset.
The current situation could easily be compared to 2017. Now, the first and primary breaker was the $11,400-11,800 area. A crucial resistance zone for two years straight, and a retest before any more upside. However, the next support zone is found between $10,100-10,400. These are critical zones to hold if the market is in bullish territory.
What about the highest monthly close ever possible for Bitcoin?
BTC/USD 1-month chart. Source: TradingView
As for the 30-days chart, it’s also the highest monthly close for Bitcoin. It’s considered an incredible accomplishment 12 years after the release of the whitepaper. this resistance zone has quite significant since it’s an all-time high that can be challenged.
Breaking $13,700-14,200 heights would influence a new bull cycle where resistance zones are retested and confirmed as support. Any accumulation period shows Bitcoin’s power to correct toward $11,600.
A possible scenario for Bitcoin price
Despite the fact that Bitcoin is now traded for $13,594, with the $13,900 highest price in the last 24H, Bitcoin’s range scenario is between $11,400 and $14,200.
Immediately after the connection, Ether and other altcoins might take months before altcoins can start to move upward.