- 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|
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.