Bitcoin closed the May candle over a key resistance zone.
Analysts say this is a technically significant event.
Before the end of the month, analysts stressed that $ 9,000 is an important area to monitor.
One trader shared his analysis, emphasizing the importance of the $ 9,360 level. According to him, this level is particularly important as Bitcoin failed to close above it by 12 months, and was rejected there several times.
“We haven’t had a monthly close above $ 9,360 in almost 12 months. Rejections from this level in most cases lead to a test of $ 6k and even $ 3k. ”
In the third and fourth quarters of last year, Bitcoin closed below that level several times and then fell to $ 6,000. Earlier this year, the price again failed to close above that level, which led to the surrender in March.
The $ 9,450 Bitcoin close is highlighted as an ‘ extremely important development for the bulls ‘.
The monthly closure is just one of several significant arguments in favor of the bulls.
Glassnode recently reported that approximately 60% of all circulating Bitcoin has not been moving for about a year. The last time this happened was just before the start of the bull market in 2017.