{"id":413952,"date":"2020-02-08T18:00:51","date_gmt":"2020-02-08T18:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=413952"},"modified":"2024-06-11T13:41:40","modified_gmt":"2024-06-11T13:41:40","slug":"bitcoins-crucial-weekly-close-will-determine-whether-it-enters-a-real-bull-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoins-crucial-weekly-close-will-determine-whether-it-enters-a-real-bull-market\/","title":{"rendered":"Bitcoin&#8217;s Crucial Weekly Close Will Determine Whether It Enters a Real Bull Market"},"content":{"rendered":"<p>After facing a series of micro-rejections at just over $9,800 throughout the day yesterday, bulls were able to maintain Bitcoin\u2019s position within the upper-$9,700 region prior to its daily close and were able to defend against an overnight selloff that led BTC down to lows of $9,600.<\/p>\n<p>Bull\u2019s current strength appears to be on the cusp of reaching a boiling point, as the crypto is now attempting to gain a solid foothold within the $9,800 region.<\/p>\n<p>Importantly, tomorrow\u2019s weekly close may be one of the most important it has ever seen, as how it responds to a few key levels could determine its fate for the rest of 2020.<\/p>\n<h2><strong>Bitcoin Attempts to Gain Foothold Above $9,800 as Bulls Defend Against Intense Selling Pressure<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/2019\/09\/22\/bitcoin-likely-near-bottom-of-range-as-10000-support-holds\/\">Bitcoin<\/a> is trading up nominally at its <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\">current price<\/a> of $9,800, which marks a slight climb from daily lows of just over $9,600 that were set late yesterday evening, and only a minor decline from highs of $9,850.<\/p>\n<p>Over the past couple of days, Bitcoin has been struggling to push past this current price level, and its bout of sideways trading here suggests that the resistance between $9,800 and $10,000 could prove to be insurmountable.<\/p>\n<p>Crypto Birb, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Bitcoin is going to \u201cgive us dips to buy next week,\u201d which seems to elude to the possibility that the crypto will see some intense volatility next week.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">looks like bitcoin is going to give us dips to buy next week\ud83d\udc40<\/p>\n<p>&mdash; Adrian Zdu\u0144czyk, CMT (@crypto_birb) <a href=\"https:\/\/twitter.com\/crypto_birb\/status\/46215169?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>BTC Approaches Critical Weekly Close; Levels to Watch For<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>One factor that could catalyze significant near-term volatility is the fact that <a href=\"https:\/\/wncen.com\/2020\/02\/05\/what-bitcoin-erasing-3-days-of-losses-in-just-4-hours-means-for-the-market\/\">Bitcoin\u2019s weekly close<\/a> tomorrow is \u201carguably one of the most important\u201d it has seen.<\/p>\n<p>Teddy \u2013 a prominent cryptocurrency analyst on Twitter \u2013 spoke about the importance of this weekly close in a recent tweet, explaining that a close above $10,000 would mark the first higher high in nearly 200 days, which would be incredibly bullish for its mid-term trend.<\/p>\n<blockquote><p>\u201cBTC: This is arguably one of the most important weekly closes, it will define the coming short\/medium trend &#8211; Testing a multi month support now resistance, defining the current range \u2013 currently above it &#8211; Would mark first higher high in nearly 200 days &#8211; 10k,\u201d he explained.<\/p><\/blockquote>\n<p>https:\/\/twitter.com\/teddycleps\/status\/71047680?s=21<\/p>\n<p>How <a href=\"https:\/\/wncen.com\/2020\/02\/05\/bitcoin-jumped-140-percent-key-technical-signal-back-again\/\">Bitcoin<\/a> trends in the next 48 hours will offer unparalleled insights into the long-term significance of the uptrend it has seen throughout the past five weeks.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>After facing a series of micro-rejections at just over $9,800 throughout the day yesterday, bulls were able to maintain Bitcoin\u2019s position within the upper-$9,700 region prior to its daily close and were able to defend against an overnight selloff that led BTC down to lows of $9,600. Bull\u2019s current strength appears to be on the cusp of reaching a boiling point, as the crypto is now attempting to gain a solid foothold within the $9,800 region. Importantly, tomorrow\u2019s weekly close may be one of the most important it has ever seen, as how it responds to a few key levels could determine its fate for the rest of 2020. Bitcoin Attempts to Gain Foothold Above $9,800 as Bulls Defend Against Intense Selling Pressure\u00a0 At the time of writing, Bitcoin is trading up nominally at its current price of $9,800, which marks a slight climb from daily lows of just over $9,600 that were set late yesterday evening, and only a minor decline from highs of $9,850. Over the past couple of days, Bitcoin has been struggling to push past this current price level, and its bout of sideways trading here suggests that the resistance between $9,800 and $10,000 could prove to be insurmountable. Crypto Birb, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he believes Bitcoin is going to \u201cgive us dips to buy next week,\u201d which seems to elude to the possibility that the crypto will see some intense volatility next week. looks like bitcoin is going to give us dips to buy next week\ud83d\udc40 &mdash; Adrian Zdu\u0144czyk, CMT (@crypto_birb) February 8, 2020 BTC Approaches Critical Weekly Close; Levels to Watch For\u00a0 One factor that could catalyze significant near-term volatility is the fact that Bitcoin\u2019s weekly close tomorrow is \u201carguably one of the most important\u201d it has seen. Teddy \u2013 a prominent cryptocurrency analyst on Twitter \u2013 spoke about the importance of this weekly close in a recent tweet, explaining that a close above $10,000 would mark the first higher high in nearly 200 days, which would be incredibly bullish for its mid-term trend. \u201cBTC: This is arguably one of the most important weekly closes, it will define the coming short\/medium trend &#8211; Testing a multi month support now resistance, defining the current range \u2013 currently above it &#8211; Would mark first higher high in nearly 200 days &#8211; 10k,\u201d he explained. https:\/\/twitter.com\/teddycleps\/status\/71047680?s=21 How Bitcoin trends in the next 48 hours will offer unparalleled insights into the long-term significance of the uptrend it has seen throughout the past five weeks. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":413955,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-413952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n<title>Bitcoin&#039;s Crucial Weekly Close Will Determine Whether It Enters a Real Bull Market<\/title>\n<meta name=\"description\" content=\"Tomorrow\u2019s weekly close may be one of the most important Bitcoin has ever seen, as how BTC responds to a key levels could determine its fate for 2020.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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