Bitcoin market overview: BTC/USD trending higher within a rising channel


  • Bitcoin corrected higher above $5,100 but the upside is capped below $5,200.
  • BTC/USD to stay within the rising channel amid raging technical signals.

BTC/USD is trading higher highs and higher lows within an ascending channel. Since the drop on Thursday, Bitcoin buyers have increased their grip on the price from the support established at $4,950. The weekend trading has been fruitful as Bitcoin increased the gains above $5,100 before stalling at the upper trendline of the channel.

Meanwhile, Bitcoin is trading at $5,152.72 amid a growing ranging trend. The price is above the simple moving average (SMAs). The 50 SMA will offer support at $5,100 while the 100 SMA currently at $5,081.88. Other support areas include the trendline, $5,050, $5,000 as well as $4,950.

Generally, Bitcoin is trending higher within the channel. However, the ranging indicator signals show that that path of least resistance is upwards sideways. We can, therefore, expect Bitcoin to stay above $5,100 in the short-term as per the MACD and the RSI on the 1-hour chart.

BTC/USD 1-hour chart

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

Bitcoin price prediction: BTC/USD recovers following a late bullish rally, faces resistance at $10,275

After BTC/USD went below $10,000, the bulls rallied together to bring the price up to $10,273 this Thursday. The hourly breakdown of Thursday shows us that the price found support at $9,800 and jumped up to $9,880. 

More Bitcoin News

Ripple price update: XRP/USD pivot at the 50% Fibo

Ripple was lucky enough to rise above the key resistance at $0.32. However, the buyers failed to sustains gains above the level resulting in dive under $0.30 on Thursday. The 38.2% Fib retracement level from the last swing high at ...

More Ripple News

Litecoin price analysis: LTC/USD retreats back within the short-term channel

Litecoin has retraced from Wednesday's high of $79.15 to trade at $74.37 by the time of writing. The fifth-largest coin with the current market value of $4.7 billion has lost nearly 2% of its value in recent 24 hours and decreased by 4.5% since the beginning of the day. 

More Litecoin News

BCH/USD technical analysis: Bitcoin Cash finds support ahead of 300 again

Bitcoin Cash is still 0.56% lower this evening but it is not one of the worst-performing cryptocurrencies.  After selling off earlier in the session bulls came in to support the price before it managed to test 300.00 yet again.

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP