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Bitcoin has recorded its highest weekly candle ever just above $62,000, which is the latest sign of strengthening bullish momentum.
The largest cryptocurrency was perilously close to closing below $60,000 after bears pushed it to an intraday low of $58,940.
However, buyers managed to step in just hours before the historic weekly close and saved the day.
Bitcoin’s previous record weekly close was logged in early April. It came just days before the benchmark cryptocurrency hit its current lifetime peak of $64,804 on Apr. 14.
Back then, the much-anticipated public debut of Coinbase, the leading cryptocurrency exchange in the U.S., was the key catalyst.
This time around, Bitcoin breached the $60,000 level after the U.S. Securities and Exchange Commission approved the very first Bitcoin futures exchange-traded fund.
Alex DovbnyaA bullish pattern
With three green long-bodied candles, Bitcoin has now printed the “three white soldiers” pattern, which is typically considered to be a reliable bullish indicator.
The fact that the cryptocurrency managed to score three candles with small shadows indicates that bulls are in control since the price has closed near the top of each price range.
The top cryptocurrency is trading at $62,352 at press time.
Arman Shirinyan
Vladislav Sopov
Dan Burgin