coinputin.com – Bitcoin (BTC) made a last-minute move forward when it was just near the weekly candle close after consolidating for days.
The price of leading cryptocurrency Bitcoin is currently trading around $ 19,400, well above weekly lows. According to a cryptocurrency trader known as Mayne of Tether, this latest move has enabled BTC to reach its highest weekly close ever:
It’s the highest weekly close ever in bitcoin
There are other traders who have recently noted that Bitcoin has set its highest weekly close ever. Analysts are confident that BTC will continue its momentum as it moves to a new high.
Should Bitcoin owners be careful?
Although Bitcoin has achieved this technical success, there are some concerns that a downgrade will be imminent. As we noted in yesterday’s news, Raoul Pal recently indicated that a correction is likely, according to Tom Demark sequential, an important technical indicator based on time:
“Bitcoin is potentially facing some serious technical advances.”
Pal, which recently invested 98% of its liquid net worth in Bitcoin and Ethereum, is serious about technical caution. But many in the cryptocurrency community are not sure if this is important. According to the general opinion, the decline of the US dollar will seriously help the price of BTC. The US Dollar Index DXY is currently falling below basic support levels. This resulted in a relative increase in the value of foreign currencies.
Many expect further losses in the value of the US dollar to kick off the bitcoin bull rally.