Bitcoin climbed to $14,100 over the weekend, the highest price since January 2018. By Monday, it had retreated to around $13,800, though the technical setup remained bullish. Stock market moves influ
Bitcoin climbed to $14,100 over the weekend, the highest price since January 2018. By Monday, it had retreated to around $13,800, though the technical setup remained bullish.
Stock market moves influence Bitcoin. Risk-off sentiment in equities pulls cryptocurrencies down. Bitcoin's next move depends on whether traditional markets hold or deteriorate.
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The $14,000 level carries weight because Bitcoin last touched it in January 2018. Breaking through would clear a major technical hurdle toward the 2017 all-time high of $20,000. For traders, this represents both a psychological barrier and a key technical milestone.
October closed at $13,816, the first month-end close above the December 2017 peak since Bitcoin started declining from there. Bitcoin's price hit new highs on both the weekly and monthly charts. On the daily timeframe, price sits at the upper band of the Bollinger Bands with bullish divergence. Buyers remain in control as long as they defend above $14,000.
A weekly close above $14,000 would spark new buying pressure and strengthen the case for a run toward the all-time high.
The fractal pattern on the daily chart shows a different scenario. It points to a pullback toward $12,000 before the uptrend continues. This pattern has shown up in the past and traders recognize it as having predictive power.
Key levels this week: $14,000 to $13,800 on the upside, $13,800 to $13,000 on the downside. Bitcoin maintains its uptrend above the first range. Breaking below $13,000 invites selling pressure and lower prices.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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