Bitcoin near the longest monthly winning run since August 2017

Bitcoin is now close to showing green numbers four months in a row. This is the longest continuous upward trend since August 2017, Coindesk writes.

At the time of writing, the world’s biggest cryptocurrency is trading at $8,738, according to Bitstamp.

Compared to the beginning of May, when the price was $5,300, this is a 64 percent increase.

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Looks positive

Historically, it has not been unusual for such strong gains to be followed by a price correction. However, the question is whether this will happen in the near future. Both short-term and long-term technical analysis data look positive.

One such example is that the buying pressure for bitcoin is the strongest since December. In addition, the cryptocurrency is traded well above the so-called 200-day moving average, a signal that is usually positive for the price.

In the past few months, the bitcoin price has increased 11, 8 and 28.6 percent in February, March and April, respectively. Now, the bitcoin price looks set to end also May in the green, which would mean the longest monthly increase since August 2017, Coindesk writes.

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