Bitcoin building bullish momentum above $3,900
|- Bitcoin closes the week slightly bullish above $3,900 short-term support.
- As long as BTC buyers can defend the short-term support at $3,900, then $4,000 is well within reach.
Bitcoin is trending higher by 0.5% on Friday. It has been a week of formidable bullish performance not just for Bitcoin but for the rest of the digital assets. Bitcoin resumed the uptrend from the region slightly below $3,600 on Monday. This paved the way for a bull rally as Bitcoin scaled the levels above $3,700, $3,800 and finally sat above $3,900. There were attempts to correct towards $4,000 psychological hurdle but the bulls gave and Bitcoin dipped below $3,900 yesterday.
At press time, Bitcoin is lethargic above $3,900 after recording slight intraday gains. The asset is valued at $3,915. The trend is gaining momentum supported by various technical indicators. The 4-hour Relative Strength Index (RSI) at 65.71 is in an upward direction and could soon re-enter the overbought region as bulls continue to increase their entries. The stochastic on the same chart at 40.00 is also heading north to show that the trend ins in the favor of the bulls.
As mentioned yesterday, as long as BTC buyers can defend the short-term support at $3,900, then $4,000 is well within reach in the medium-term. However, in case of a drop below this support, $3,800 will come in handy while other support levels at $3,600 and $3,500 will work as the last resort to reverse the trend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.