- Bitcoin (BTC) set to close out its highest monthly candle since Dec 2017, as bulls rage on in the market.
- A close above $10,700 USD, a figure last breached in June 2019, signals continued buying pressure on BTC/USD.
- Analysts target $12,000 USD before the crypto’s halving in May.
In what can only be termed as one of the most successful months in Bitcoin’s history, February has seen the price of Bitcoin cross the $10,000 USD mark, turn key resistance to base support level at $9,800 USD and set new all-time highs in hash rates, realized cap and difficulty as the community remains buzzed for the upcoming Bitcoin halving in May.
Well, Bitcoin looks set to break more records as the month enters its final half with analysts predicting a $10,800 monthly close on the asset’s price. If BTC’s price at the moment represented the monthly close (currently at $10,247 USD across major exchanges), February would rank as the third highest monthly close ever – only behind June 2019 ($10,705) and December 2017 ($13,878).
BTC/USD set for highest monthly close since 2017?
While the price still dwindles $500 USD below the June 2019 monthly close, BTC looks set to breach the monthly close. With two weeks to go till the end of February bulls are heavily invested in setting its highest monthly close since Dec. 2017.
A golden cross forming on the moving average on weekly charts further confirms a possible spike further for the cryptocurrency. Having bounced off at the long term key resistance level at $7000, provided by the EMA 100, in the week ending December 30th, the price has mooned to current levels and looks set for a further push upwards.
The question that puzzles traders is what happens if BTC breaches the highest monthly close since 2017?
A bullish future ahead for BTC/USD
Looking at the weekly charts, a breach past this key resistance looks set to push the price past key ceilings at $10,900 USD, $11,500 and possibly $12,000 USD before the halving.
Closing above the key monthly resistance at $12,705 USD will effectively start a new bullish momentum that may see the bulls set targets of beating ATH before the end of the year.