The BTC price has seen some incredible strength over the past week. A confluence of a strong market structure and a flurry of bullish developments in the crypto sphere both helped to push the coin higher.
BTC/USD is currently recovering after suffering an overnight plunge that drove prices below the resistance turned support at $13K.
The world’s leading coin had just managed a phenomenal weekly close near $13,200, marking the highest weekly candle since the bear market began. The bears then attempted to gain greater control of Bitcoin’s near-term trend as prices started to tumble.
However, the BTC bulls held strong overnight, leading to renewed investor confidence on Monday morning. At the time of this article’s writing, the world’s flagship digital asset is consolidating gains below the $13K level at its price of $12,818.
BTCUSD Chart By TradingView
Analyst Eyes Upside For BTC Price
One analyst is pointing to the latest weekly close above $13K as an indication that BTC could climb higher in the near term.
Trader and bubble chaser Benjamin Bluntz took Twitter to share his analysis on yesterday’s phenomenal candle close and the outlook of Bitcoin.
“Now firmly above all downtrends from the 2017 20k top and this week just closed on its highs above key 12.5k resistance. The sky is the limit now imo,” Bluntz tweeted.
Traders are now watching where the BTC price trends next as the year drags on.
Filecoin Price Surges 30%
The newly launched decentralized storage network, FileCoin (FIL), has registered an intense uptick over the past few days while BTC stalled in the $13K range.
The FILUSD pair recently surpassed the $35 mark, the highs of the past five days, representing gains of over 30%. FIL soared from lows of $21 seen earlier last week to reach a peak just shy of $36 in today’s early sessions. At publication time, the altcoin has corrected slightly lower to trade at $34.23.
FILUSD Chart by TradingView
Many analysts point to a “short squeeze,” as the explanation for the explosive FIL price action in recent days. This phenomenon occurs when short positions holders close their positions in tandem, causing a sharp spike in buying volume.
Among other top performers is Dogecoin (DOGE), which gained over 3% over the past 24 hours to trade at $0.0027, as per data from CoinMarketCap.