Bitcoin hits $ 14,000 for the first time since January 2018 – what next?

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The price of Bitcoin (BTC) is undoubtedly having an impressive year after dropping to $ 3,700 in March and then rising to $ 14,000 in the following months. Now, BTC has hit its highest level since January 2018, with the price hitting $ 14,100.

Thus, the likelihood of a new bull cycle increases sharply as the price of Bitcoin continues to hit new highs and higher lows. Moreover, the strength is even seen as the US dollar currency index, with which it is usually inversely correlated, is also recovering amid coronavirus fears.

Bitcoin has yet to cross the $ 13,700-14,250 zone

1 week BTC / USD chart. Source: TradingView

The weekly chart shows some crucial levels to watch in order to continue the bullish momentum. One of them is the current resistance zone surrounding the $ 14,000 threshold. Crossing this resistance zone would initiate a new force towards the next threshold around $ 16,500-17,000.

These two levels are the last hurdles before a possible new all-time high, as the majority of altcoins still suffer huge losses from their 2017 highs.

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There are two crucial levels to watch on the downside. The first and main breaker is the $ 11,400-11,800 area. This has been the crucial area of ​​resistance for two years, meaning it could see a new test before any further improvement.

However, if that area is lost, the next support area is between $ 10,100 and $ 10,400. These two areas are essential to hold if the market is in bullish territory.

Highest Monthly Close Ever Possible For Bitcoin

1 month BTC / USD chart. Source: TradingView

As the monthly chart shows, the highest monthly close ever is possible for Bitcoin – an incredible achievement 12 years after the white paper was released.

However, it also shows the importance of this resistance zone as it is the last major obstacle before the historic high can be contested.

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