Bitcoin on Track to Score Its Second-Highest Weekly Close Ever

News
Sun, 11/22/2020 - 18:00
article image
Alex Dovbnya
After staging stunning recovery, Bitcoin now looks primed for the second-highest weekly close ever
Bitcoin on Track to Score Its Second-Highest Weekly Close Ever
Cover image via stock.adobe.com

Bitcoin, which is currently trading at $18,575 on the Bitstamp exchange, seems to be on track for its second-highest weekly close in history.

Bitcoin
Image by 

What is more, if the bulls manage to reclaim the 2020 high of $18,977 within the remaining hours, they have a shot at scoring the highest candle on the weekly chart ever. 

The last day of another stellar week for the world’s flagship currency started with a violent shakeout. BTC plunged to an intraday low of $17,600 before it bounced back to the $18,000 level within hours. 

The bears would need to make Bitcoin plunge over 13 percent during the remaining part of the day for Bitcoin to close below its current second-highest weekly candle of $16,144 that was recorded in early January 2018. Considering the cryptocurrency’s swift recovery, such a scenario seems highly unlikely.

Related PayPal Users Very Hungry for Bitcoin, Data Shows
Related
PayPal Users Very Hungry for Bitcoin, Data Shows

As of now, the crypto king is on pace to record its seventh consecutive green weekly candle as this rally refuses to take a pause. Every significant pullback has so far been very short-lasting since early November. 

The last time Bitcoin scored seven weeks of gains in a row was in the first quarter of 2019, which was followed by a 170 percent rally in the following two months. When the bellwether crypto achieved a similar feat in late October 2017, it then printed a 20 percent red candle in early November.

Bitcoin’s dominance has dipped below the 64 percent level after the overnight revival of the XRP cryptocurrency.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.