- Bitcoin is trading in the green as other digital assets trim weekly gains.
- BTC/USD is primed for gains above $6,600 with the ultimate resistance at $7,000.
The much-awaited volatility has made a comeback in the cryptocurrency market. Bitcoin and other digital assets are showing nice gains since the beginning of this week. Following the upsurge that started on Sunday, Bitcoin settled in another range with an upside at $6,440 and a range support at $6,380. As discussed in yesterday’s price analysis, BTC/USD defended the support and as predicted it broke past the range resistance at $6,440 and broke above the medium-term resistance at $6,500.
Bitcoin extended the gains above $6,520 before grinding to a sudden halt short of $6,530. At the time of writing, Bitcoin is trading at $6,503. The buyers are battling to ensure that there is slide below $6,500; a move that is likely to break down further past the trend line support towards the support at $6,440. However, as long as the price maintains trading above $6,500 and the bullish trendline, Bitcoin will eventually brake above $6,530 and embark on another journey towards $6,600.
The target for Bitcoin in the short-term is $6,700 while the coveted level at $7,000 will place Bitcoin on a trajectory towards $10,000 as predicted by for Goldman Sachs partner Mike Novagratz. A look at the chart shows Bitcoin price trading above the moving averages. Besides, the MACD at 27.87 is a strong buy signal. Likewise, the RSI is sending positive signals in the short-term. In the meantime, the price is making a nice bullish move above $6,509.
BTC/USD hourly chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?