This morning, millions of dollars in short positions were liquidated on BitMex as price drove past 8120. Now, a few hours away from BitMex’s weekly close, bulls are doing their best to push Bitcoin past resistance and turn the 7 day candle green.
This weekly resistance is important especially because it aligns closely with a monthly point of resistance. When resistance is maintained on multiple time frames it could be a testament to the reality of contention in that area.
If Bitcoin breaks through by 7 p.m. CST and can maintain buying power, the next big area of resistance is around 8561. This week’s candle closing closing at a higher price than last weeks open would generally be accepted as a bullish sign for bitcoin. The question is always how long the bullish impact will last.
On the 30 minute chart, we can see that Bitcoin was immediately rejected at weekly the resistance and the bulls and bears are fighting in this area.