View With 63 percent month-to-date gains, BTC looks set to register its longest monthly winning run since August 2017.
The short-term bullish case would weaken if the price drops below $8,000.
Bitcoin is on track to register its longest winning streak since August 2017, with four consecutive months of price gains.
The cryptocurrency is currently trading at $8,670 on Bitstamp, representing 63 percent gains on the opening price of $5,267 seen on May 1.
A drop all the way back to the monthly opening price of $5,267 before Friday's UTC close looks unlikely, as both the short-term and long-term technical studies are biased bullish.
The run marks the longest monthly winning streak since August 2017, as seen in the chart below.
Bitcoin's price was solidly bid in the five months to August 2017.
If prices remain near $8,600 till Friday's UTC close, then the resulting monthly gain would be the highest since August 2017.
The long-term bullish view would be aborted only if the price finds acceptance below $6,000, although that looks unlikely.
Further, the price is holding above the former resistance-turned-support levels of $8,500 and $8,390.
Bitcoin Price Eyes Longest Monthly Winning Run Since 2017
gepubliceerd op May 29, 2019
by Coindesk | gepubliceerd op Coinage
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