Bitcoin price analysis: BTC/USD breaks past weekly high- falls short of $4,100
- Bitcoin extends weekly gains and could close the week above $4,100.
- The RSI is still in an upward momentum as a sign that the bulls still have control.
Bitcoin is likely to close the week bullish following the ongoing upward momentum. After opening the trading on Friday around $4,014, Bitcoin corrected to $4,049 during the Asian session. It gradually broke down towards $4,000 but formed a low around $4,007.
While supported by the 50 SMA and the 100 SMA, Bitcoin resumed the uptrend breaking past the above-mentioned intraday higher. The bulls pushed for gains above $4,070 forming a new intraday high at $4,076.21. The momentum has, however, fizzled and Bitcoin is trending lower at $4,053.
The RSI is still in an upward momentum as a sign that the bulls still have control. The indicator is currently holding at 70 unable to enter into the overbought region. The MACD in the same 15’ range is at +9.11 and still heading north. This means that the slight retracement was simply a snag and Bitcoin will resume the uptrend and close the day above $4,100.
BTC/USD 15-minutes chart
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Author
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
