Is Bitcoin beginning to look like Christmas?
The weekly close itself was encouraging for some, forming Bitcoin’s highest since theNow, traders were hoping that upside would continue toward $20,000, with various resistance zones in play.
“Slowly, but surely, Bitcoin is grinding upwards. Needs to crack $17.4-17.6K, but then we most likely continue quite fastly towards $19K,” Michaël van de Poppe, founder and CEO of trading firm Eight,BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter$18,500 as a formidable resistance zone to watch, while a daily close above $17,167 would be “encouraging.”alongside a chart showing $17,552 as clinch level on daily timeframes.
The U.S. dollar remained a focus within the macro picture, with the U.S. dollar index near five-month lows in what could yet be a boon for Bitcoin.Sven Henrich, founder of NorthmanTrader, meanwhile noted the ongoing inverse correlation between DXY and the S&P 500. "A key chart to navigating markets in past few months: The US dollar $SPX directional correlation. Still sitting at 95%," part of Twitter commentsThe views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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