Bitcoin Closes The Week With Weekly Highest For 2019, How High Will Bitcoin Go?

Bitcoin News Today – Bitcoin proves again that it is the master of the cryptocurrency universe as it closed the week with a weekly highest for the year 2019. The BTC had weathered some rough weeks as it succumbed to pressures from both the bulls and the bears. Bitcoin price prediction had put the coin below the $11,000 zone but the BTC had risen to the challenge and had been steady at the $11,000 range. The coin went further to end the week on a high note as it closed closer to $11,500. This rise has shocked analysts and researchers who believed that the BTC would slip down as it tended to do after every rise.

One Bitcoin analyst believed that the $11,474 was the target that the BTC had to overcome to have the weekly highest for the year. Other crypto enthusiasts hoped that the BTC wouldn’t bow to bearish pressure and continue to climb. The BTC price prediction showed that the short term support had changed to resistance, reflecting the bump in price.

Bitcoin (BTC) Price Today – BTC / USD

Name Price
bitcoin
Bitcoin
$9,982.81-1.76%

This wasn’t the story a week ago as the BTC was in the same slump that had affected every other cryptocurrency coin. The Bitcoin BTC had suffered about 3% loses during that week and hadn’t shown any sign that it would recover from the bearish pressure affecting it. The stagnant nature of the BTC had led analysts to give a BTC price prediction supporting a dip in the price value of the coin.

The little gains gotten by the BTC couldn’t be maintained and researchers believed that the negative stand of the US president and other governmental bodies had a strong say in the BTC’s apparent sluggish progress to rise above the bearish pressure. The BTC’s climactic climb to a weekly year high has brought smiles to investors and traders and predictions of better days for the BTC have begun to resurface.

Bitcoin News Today – Bitcoin Price Prediction 2019 – Bitcoin Price Analysis – Bullish Pull Still Casting A Shadow Over The BTC

Even though the BTC has hit an all-time weekly high for 2019, there may still be the need to hold back on popping the champagne. Though the BTC has risen above the 100 day SMA which was at the $10,768, it is still exuding a mild bearish pressure that may pull the price down any moment. The Relative Strength Index is 30, signifying an oversold flow that would need to be corrected. The major resistance levels are $11,615 and $11,707 while the support levels are $11,340 and $11,156.

Analysts and researchers still believe that the number one cryptocurrency coin can still fall as indicated by history. Bitcoin has had a very volatile history showing a series of peaks and valleys. These researchers give a BTC price prediction that puts the BTC below the support levels. Others disagree with this prediction and hold that though the BTC has an unpredictable nature, the BTC continues to climb in price. These classes of analysts believe that the BTC can reach $13,000 before the end of the year. Only time can tell which school of thought will emerge correctly.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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