Bitcoin Price Weekly Close Above $11,500 Would Be First in Nearly 18 Months

Bitcoin price throughout 2018 was locked in a bear market and downtrend that ultimately took the price of the first-ever crypto asset to its bottom at $3,200. But during the almost 8 months of 2019, Bitcoin has been in an uptrend and is preparing to enter a bull market.

But before it gets there, Bitcoin price still needs to close a weekly candle above $11,500 – a feat it hasn’t accomplished in nearly 18 months.

Bear Market Began at $11,500, BTC Stuck Below Resistance Since

High timeframe candlestick closes are often hyped by the crypto community, from the daily to weekly, and beyond. Weekly and monthly closes are especially important and typically represent a stronger technical signal across longer-term trends.

On Sunday night, the weekly close in Bitcoin price at around $10,900 was a strong close, beating out the two previous weeks and setting the crypto asset up for further bullish momentum. However, above here, there is strong resistance remaining from where the transition from…