Ken Chigbo
Independent Analyst
- 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.
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
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