After consolidating for many days, Bitcoin underwent a final push in the lead up to the weekly close of the candle minutes ago. The price of the leading cryptocurrency is currently trading at $ 19,400, well above its weekly lows. This latest push enabled BTC to push to its highest weekly close ever, according to a crypto trader known as Mayne:
Highest weekly close ever on #Bitcoin.
Highest weekly close ever #Bitcoin!
– Mayne van Tether (@Tradermayne) December 7, 2020
There are other traders who have recently noted that Bitcoin has hit its highest ever weekly close.
Many see this as confirmation that this is not a “double top” of nearly $ 20,000 on a macro basis. Analysts are confident that BTC will continue its rise as it has reached a new high.
Related reading: This is why Ethereum’s DeFi market can be near a bottom
Bitcoin holders should pay attention below?
While Bitcoin has delivered this technical feat, some are concerned that a decline is imminent.
Raoul Pal recently shared that according to the Tom Demark Sequential, a major time-based technical indicator, he fears a correction is likely:
“Bitcoin may have to do with some serious technical advancements … the daily DeMark shows a cluster at 2 13’s and a 9 and another 13 can be placed tomorrow!”
Bitcoin may be facing some serious technical advancements … the daily DeMark shows a cluster at 2 13’s and a 9 and another 13 can be placed tomorrow! pic.twitter.com/TNPpLfR2nH
– Raoul Pal (@RaoulGMI) December 4, 2020
Pal is a prominent Wall Street veteran who has spent his career running hedge funds and as head of hedge fund sales at Goldman Sachs. He retired and now researches markets and leads Real Vision for a living.
He recently put 98% of his liquid net worth in Bitcoin and Ethereum:
“Okay, last bomb – I have a sell order tomorrow to sell all my gold and scale in to buy BTC and ETH (80/20). I don’t own anything else (except some bond calls and some $ ‘s). 98% of my liquid net worth. See, you can’t categorize me except #irresponsiblylong. “
Many are unsure whether its technical warning is significant or not.
Related reading: Tyler Winklevoss: There will be a “tsunami” of capital for BTC
Falling dollar to help BTC
However, a falling US dollar will help the price of Bitcoin.
The US dollar index, the DXY, is currently breaking below key support levels. This has resulted in a relative increase in the value of foreign currencies.
Many expect further losses in the value of the US dollar to appreciate the Bitcoin bullcase.
Related reading: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Forms Highest Weekly Candle Close In History