Bitcoin Closes Monthly Candle Above $38,000, Analysts Predict Consolidation - Latest cryptocurrency news

Bitcoin Closes Monthly Candle Above $38,000, Analysts Predict Consolidation

Bitcoin has achieved its highest monthly candle close since April 2022, surpassing the $38,000 level. The expected selling wave by bears before the end of the month did not materialize. Data shows that the closing price was slightly above $37,700 and the bid liquidity prevented last-minute selling by maintaining the daily range.

Prominent crypto analyst Skew evaluated Bitcoin’s monthly candle close on his personal account. The analyst stated, “It is quite good that the monthly candle closes above $35,000” and added that the cryptocurrency could consolidate between $35,000 and $39,000 for a few weeks.

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Skew pointed out that the main resistance in monthly time frames is now at higher levels, with the first significant resistance at $47,000 and the resistance beyond that around $69,000, which is the all-time high level recorded in 2021.

Another crypto analyst, JT, commented on the monthly candle close, saying, “The monthly candle was perfect, and the $34,500 low candle body is very important because the low candle body is higher than the previous high candle body. This is a sign of strength,” and added, “Let’s not forget that this month’s close is $3,000 higher than the previous month, which is progress.” The analyst also emphasized the consistency and constructive nature of Bitcoin’s high-timeframe price chart.

Keith Alan, co-founder of Material Indicators, highlighted the stubborn nature of the current range below $40,000 and argued that clearing this seller range is extremely important. Alan referred to historical support/resistance (S/R) lines within the range. These support/resistance lines are as important as the already drawn lines, such as the approximately $20,000 all-time high level recorded in 2017.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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