Bitcoin Price Analysis: BTC/USD bulls are breaking out

Bitcoin price holding strong gains in the latter part of Thursday, up over 2%.
BTC/USD is outperforming its peers, breaking out of a bullish flag structure.

Ken Chigbo Independent Analyst

The Bitcoin price in the latter stages of trading on Thursday is trading in the green by some 2.2%, as the bulls continue the strong recent run higher. It is also outperforming most of its peers with the gains seen in the session.

BTC/USD price action formed a bullish flag pattern structure, which has been in play since 3rd April. The bulls today have forced a breakout so far via the daily candlestick, a closure above will be key for greater upside.

Technically, some near-term supply can be observed around the $5800 area, the last barrier ahead of $6000 return. Looking further to the north, then there isn’t too much in the way of a move back towards $6500.

BTC/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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