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

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