Analysts have pointed to the importance of the bullish closing of the monthly bitcoin candle in May
The May candle on the bitcoin chart closed above $ 9,360. This, according to one analyst, is an important technical factor for the further implementation of the bullish scenario..
“A monthly candlestick hasn’t closed above $ 9,360 in almost 12 months,” analyst @ColdBloodShill writes..
As you can see in the chart above, a close above this level in the past was accompanied by an increase to $ 20,000 and $ 14,000. A failure near it, including this year, twice led to a fall in the price below $ 4,000.
Analyst Eric Thies also draws attention to the significance of the $ 9,300 level. “Bitcoin is poised to break out of a downward channel that has stalled growth since the beginning of 2018. Closing the monthly candle above this level is an extremely important signal for the bulls, ”he writes..
At the same time, the analytical service Glassnode notes that over 60% of bitcoin emission has not moved for more than one year..
In such volumes, investors have not kept the cryptocurrency since 2016, preceding its rise to historical highs..
Bitcoin is trading at $ 9,550 at time of publication, having added 8% over the past week.
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