On Dec 1, Bitcoin attempted to crack the previous all-time high but only managed to do so on a few exchanges. The current price action resembles what happened back in 2017 when Bitcoin tried to crack the all-time high at the time at $1,177 and briefly managed to climb above it just to fall within the next few days.
Is Bitcoin on the verge of another insane rally?
Back on Nov 25, 2013, Bitcoin established a high of $1,177, which made the digital asset quite popular among social media and news outlets.
Bitcoin had a two-year consolidation period until Nov 2015.
BTC/USD Weekly Chart
In January 2, 2017, Bitcoin price attempted to crack the all-time high of $1,177 and managed to do so, climbing to $1,180 but ultimately getting rejected, dropping 36%.
Additionally, it seems that both times the TD Sequential indicator presented sell signals.
BTC/USD weekly chart
The current price action is definitely similar as Bitcoin did crack the last all-time high by a couple of dollars on some exchanges and retraced shortly after.
The TD Sequential indicator also presented a sell signal, which means Bitcoin price might need to retrace even further before the final push.
Read more from the original article:
https://www.fxstreet.com/crypt...
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