Bitcoin Price Analysis: BTC/USD bulls extend higher helped by bullish pennant escape
|- Bitcoin price is trading in negative territory, down 0.30% in the second half of the session.
- BTC/USD has made steady progress after conquering the $7500 barrier, which is a new support area.
- The momentum higher came following a critical bullish pennant breakout.
BTC/USD weekly chart
Bitcoin is now running towards its seven consecutive weeks in the green, following another positive close.
BTC/USD daily chart
The price was able to continue upside momentum, squeezing and holding about $7500 a critical resistance barrier, now new support. There is room for an $8000 return.
Spot rate: 7679.19
Relative change: -0.30%
High: 7805.02
Low: 7637.51
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.