Bitcoin Prints Its Highest Weekly Close Since January 2018

Latest Cryptocurrency News
Mon, 08/10/2020 - 06:19
Alex Dovbnya
Bitcoin records its highest weekly close since the peak of the previous bull run
Bitcoin Prints Its Highest Weekly Close Since January 2018
Cover image via stock.adobe.com
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Bitcoin, the flagship cryptocurrency with a market cap of over $221 bln, recently had a Sunday close at $11,683.

It is worth noting that this is the highest weekly candle since January 2018 when the whole industry was nearing the peak of a massive bull run.

BTCUSD20182020
image by tradingview.com

A closer look at Bitcoin’s big weeks 

Overall, this is Bitcoin’s seventh-highest weekly candle in history. The cryptocurrency is still down 36.8 percent from Dec. 11, 2017, when it closed its historic week at $18,966 after rallying to its current all-time high of nearly 2020.

The highest weekly close to date was followed by a sharp 42 percent price correction that ultimately took Bitcoin to $11,120 before it managed to resume its uptrend with a short-lived rally in early January.

BTCUSD2018
image by tradingview.com

Bitcoin’s last weekly close above the current price level ($13,675) was registered on Jan. 15, 2018. This was followed by a soul-crushing bear market colloquially known as “crypto winter.” BTC plunged to as low as $3,193 in early December 2018.   
       
The bellwether currency came close to taking out its January 2018 highs in June 2019 by rallying all the way to $13,872, but a blow-off top resulted in the gravestone Doji candle that marketed the end of a bullish trend.       

Bitcoin1
image by tradingview.com

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Bitcoin is testing $12,000, again

Shortly after printing a bullish daily candle, the price of Bitcoin soared above $12,000. 

12,000
image by tradingview.com

On Aug. 2, this level was brutally rejected, which resulted in a painful crash that took Bitcoin all the way to its local low of $10,561. 

With its intraday high of $12,080, BTC has so far fallen short of taking out its 2020 high of $12,102. 

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.