According to analysts, this is a very important technical event for the cryptocurrency. And luckily for the bulls, BTC has closed above a critical resistance area that would otherwise have limited the asset’s upside potential.
Bitcoin closes above $ 9,360, a key level
Before the end of the month, some analysts were still looking at the low $ 9,000 as a key region.A trader split the analysis below the hours before the month’s end in May, specifically noting $ 9,360.In his opinion, this level is important since BTC hasn’t closed above that level in almost 12 months, though Bitcoin has been declined at this level on several occasions: “We haven’t had a monthly close above 9,360 in almost 12 months. Refusals from this level have resulted in tests of $ 6,000 and eventually $ 3,000. ”
As for the cops …
The monthly close above the low of $ 9,000, analysts have found, supports Bitcoin’s bull case enormously.Fundamental and chain events also contribute to the bullish confluence.The blockchain analytics company Glassnode recently found that 60% of all BTC in circulation “has not been moved in over a year, which shows increased HODLing behavior among investors”.The last time that so much of the BTC offering got stuck was “just before the 2017 BTC bull market” – before the 2,000% parabolic rally that brought Bitcoin from $ 1,000 to $ 20,000 in a year.