Bitcoin gains traction toward the end of the week, trades around $11,600


  • Bitcoin gains more than 7% on the weekly chart.
  • Buyers try to take control of the price action following last week's deep pullback.

Bitcoin (BTC/USD) spent a large part of the day in a tight range below the $11,500 mark on Sunday but gained traction in the last couple of hours to extend its weekly gains. As of writing, the pair was trading at $11,600, adding 3.2% on the day. For the week, the pair is up 7.7% and remains on track to post its highest weekly close since January 2018. Furthermore, the pair will close in the positive territory on the weekly chart for the sixteenth time in the last 20 weeks.

The next critical hurdle for Bitcoin seems to be located at $12,000. This level acted as resistance three times in the last couple of weeks. Above that level, the pair could find interim resistance at $12,400 (Jun. 28/Jun. 29 high) before turning its attention to the 18-month high that it set near $14,000 on June 26.

On the flip side, the 20-day moving average continues to limit the pair's pullbacks and is now located near $11,000.  seems to be functioning as dynamic support near the $11,000 mark. With a daily close below that level, the 50% Fibonacci retracement of the June rally at $10,750 could be seen as the next support ahead of the critical psychological level of $10,000.

  TREND INDEX OB/OS INDEX VOLATILY INDEX
15M Bearish Neutral High
1H Bullish Neutral Expanding
4H Bearish Neutral Low
1D Bearish Neutral Shrinking
1W Bullish Overbought High

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Sellers come in ahead of 10,500

BTC/USD sells of late in the session as we draw to a close on an eventful day in the financial markets. We were expecting Fed Chair Jerome Powell to be the main event of the session but China announced plans to add tariffs to US imports. Then Powell once again stood firm against Trumps pressure to loosen monetary policy and the US President lost it on twitter. 

More Bitcoin News

XRP pushes to session highs but a key level is in sight

XRP/USD pushes to session highs. Key resistance level is in sight. 0.300 still seems the like the long term target for bulls.

More Ripple News

BCH/USD: 300 is well supported once again

Bitcoin Cash has rejected downside moves yet again. Key trendline apex needs testing soon. 360 is still the level to breach for upside momentum.

More Bitcoin Cash News

NEO announces new partnership with gumi Cryptos bringing blockchain to Japan

NEO Foundation has announced a new partnership with gum Cryptos. The two organisations will be working on bringing blockchain technology to Japan. 

More Neo News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP