What a week for Bitcoin. Seven daily green bars saw the price of bitcoin break through major resistances and hit a high of over $21,200.
Gloomy price action
Sideways and gradually down since June of last year, Bitcoin has been pretty boring, and for many there may have been a ball of foreboding in the pits of their stomachs as they saw the price just keep on meandering downwards.
As big player after big player in the crypto sector went into bankruptcy, and bad news upon bad news beset the industry, it seemed a bear market like no other, and with the economy approaching (or in) recession there weren’t too many chinks of light to be seen.
A glorious surge
However, bitcoin crossed a major trendline last Sunday that it has respected ever since the top of the last bull market back in November of 2021. Around three smallish green candles followed before bigger ones that culminated in a glorious week-long surge.
First the $19,500 resistance was taken out on Friday with hardly a pause, then bitcoin crashed through $20,000, and eventually got as high as $21,270 first thing this morning.
Such a beautiful surge, but there’s always more to do. Had bitcoin managed to get above $21,500 it would have made an extremely important higher high. As it is, it failed to do so, and so perhaps the next step is to see if the price can hold above either $20,500, or more significantly above $19,500 by close of play on Sunday.
USDT dominance plunges
As bitcoin was doing its thing, it was gratifying to see how the USDT dominance was heading in the opposite direction. A trendline that also started late in 2021 was being followed closely by USDT dominance. It broke to the downside early last week and fell hard and fast, though without making a lower low.
So what’s in store for bitcoin and crypto now? Bitcoin has taken a bit of a breather at time of going to press, and the price sits at around $20,700. Some big players have started to take profits, but the picture should be clearer once this week is completed.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source : Crypto Daily