|

Bitcoin market overview: BTC/USD bulls play their cards right as rally takes shape

  • Bitcoin holds on the three-months trendline as price picks up momentum.
  • Bitcoin breaks above $8,700 while the bulls have no intentions of giving up control.

Bitcoin performance in the last couple of days has been phenomenal especially when you consider the day towards last week where BTC/USD was stuck in a $600 narrow range while phased with indecision. The momentum gave it the power to climb well into the $8,000 bull territory, in turn, signaling for more buy entries.

Bitcoin current momentum has allowed the price to respect a long-term trendline that has held ground for the last three months. This trendline could signal further growth in the near future, after all the bulls have their eyes glued on $10,000 for the ultimate medium-term goal.

Meanwhile, Bitcoin is trading at $8,711, although it has corrected 0.20% lower from the intraday high of $8,711.83. The daily chart shows Bitcoin lower points finding rebounds above the trendline in spite of the up and down movements we have experienced in June. Analysts expect BTC to push the limits above this trendline this weekend and even break above $9,000 with the rendezvous point being $9,800.

Luke Martin, a renowned analyst recently shared his view on Bitcoin technical ability to correct higher via a tweet:

“The $BTC chart is probably the most exciting chart on my watchlist going into the weekend. If price can reclaim 8400 I would be convinced that the trend higher is ready to resume. After that confirmation I would be aiming for 9800.”

For now, $8,500 is the new short-term support. If the trendline support gives in (which is very unlikely) $8,000 and $7,500 will come in handy cushion Bitcoin from the losses. However, the general trend for BTC is bullish following the break above $8,700.

BTC/USD daily chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.