Still sometime before the weekly candle closes but that's a powerful setup going into the weekend. $BTC currently on track for a new weekly ATH on a closing basis. pic.twitter.com/3XhHhWT55z
— Pratyush Tulsian (@PrattyCharts) October 15, 2021
Today’s Chart of the Day was shared by Pratty Tulsian (@PrattyCharts). It’s a weekly candlestick chart of Bitcoin over the past five years. Pratty points out that Bitcoin is on track to close at a fresh weekly all-time high. Why do we care so much about all-time highs? Because when price is in blue sky territory, nobody is showing a loss and there’s virtually no overhead supply to prevent it from moving significantly higher. Bitcoin peaked in April at around $63k and fell more than 50% over the next three months. That massive decline did a lot to wash out some of the frothy sentiment that existed. Since then, it’s built a solid six-month base to launch higher from.