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Bitcoin Prints Its Highest Weekly Close Since January 2018

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Mon, 10/08/2020 - 6:19
Bitcoin Prints Its Highest Weekly Close Since January 2018
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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. 

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