View Bitcoin has recorded double-digit gains for three consecutive weeks, a feat last seen during the height of the bull market in 2017.
Bitcoin is looking strong, having registered double digit gains for three consecutive weeks.
The leading cryptocurrency by market value closed last week with 17.5 percent gains, having rallied 22.16 percent and 10.62 percent in the preceding two weeks, respectively, according to Bitstamp data.
The last time BTC witnessed a similar bullish run was in the final quarter of 2017, when the cryptocurrency had logged in double digit gains for five weeks straight to hit an all-time high of around $20,000 on Dec. 17.
As can be seen, BTC has logged its first three week run of double digit gains since December 2017.
Notably, prices bounced up sharply from the 5-week moving average last week and closed on a positive note, reinforcing the bullish view put forward by that ascending average.
What's more, BTC closed well above September 2018 high of $7,411 last week.
Bitcoin closed with nearly 13 percent gains on Sunday, marking a strong follow-through to the dip demand highlighted by Friday's long-tailed daily candle.
The outlook as per the daily chart would turn bearish only if and when the price finds acceptance below the 30-day MA, currently at $6,239.
Bitcoin image via Shutterstock; technical charts by Trading View.
First Since 2017: Bitcoin Price Logs Double-Digit Gains for Third Week
gepubliceerd op May 20, 2019
by Coindesk | gepubliceerd op Coinage
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