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- Bitcoin’s price shows strong upward momentum, with historical data suggesting further growth ahead.
- Data indicates Bitcoin’s weekly low will likely hold, pushing the cryptocurrency to new highs.
- 75.5% of past weeks saw Bitcoin form a new pivot after Thursday, supporting continued bullish trends.
Bitcoin recently had a strong surge and is getting the attention of both traders and analysts. As the cryptocurrency is nearing resistance points, people are wondering whether this rally will persist or a reversal is right around the corner. Analyst Jip Molenaar highlighted that BrighterData indicated that Bitcoin would have more upside potential, so it is not the best time to place short positions on the asset.
Source: X
The last four years of price action, as followed by Molenaar on Bitcoin, indicate that only 8.2% of the weeks witnessed Bitcoin breaking the weekly low. It means that there is a high probability that the existing weekly low might hold, and as a result, there is an increase in upward movement in the days to come. Bitcoin is likely to achieve new highs according to these past trends.
Source: X
Strong Support at Low
Besides this, 75.5% of the weeks over the last four years created a new pivot following Thursday at 03:00. Which is usually the point at which Bitcoin reaches a weekly peak. Such a trend supports the claim that Bitcoin will continue experiencing increases in price. Although the cryptocurrency is approaching resistance, the data indicates that the bullish trend will be maintained in the meantime.
Source: X
BrighterData analysis further confirms this situation by showing that just 17.6% of weeks have penetrated the weekly low in the past four years, meaning further support for the current price level. In addition, 71.4 % of the weeks in this timeframe have experienced a bigger price change than the current 8.7% surge observed in this week. Implying that Bitcoin has a greater potential of being displaced upwards.
Molenaar also indicates that on 63.4% of weeks over the last four years. The second pivot was formed on Friday, Saturday, or Sunday. This movement is notable because it contributes to the emerging evidence that Bitcoin has a higher chance of sustaining its bullish movement until the end of the week.
Source: X
Bitcoin Bullish Momentum Continues
Despite the fact that Bitcoin is approaching the resistance. All the data on it indicates a high support level at the weekly bottom. So the price of the cryptocurrency can still increase. Analysts recommend that, before making any major decision, the trader wait until the weekly candle closes down. After closing, it will be clearer when the weekly candle closes whether the trend is experiencing the signs of exhaustion or will proceed.
The presence of the bullish trend of Bitcoin is heavily supported by the statistical data. It is advised that traders do not short the cryptocurrency. But rather hold long positions until more tangible evidence of a recovery transpires.
