TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin price analysis: BTC/USD entered the period of calm before the storm

  • Bitcoin is staying in a range, waiting for European players to join the game.
  • The long-term trendline at $8,050 is still out of reach.
Bitcoin price analysis: BTC/USD entered the period of calm before the storm
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin has settled above $6,000 handle after a choppy start of the day. The coin is 2.6% higher than this time yesterday and mostly unchanged since the start of the day. Low trading activity ahead of the weekend is typical for the cryptocurrency market, that may engineer a strong movement in either direction by the end of the week. It looks like a period of calm before another storm.

Ceteris Paribas, Bitcoin will finish this week in the green zone, which will become the first sequence of two positive weeks since the beginning of April. Bulls have some reasons for joy, however, it is too early to claim the reversal as the price still needs to get above $7,000. The long-term sloping trendline is currently at $8,050, followed by another key resistance level created by 50-SMA (weekly chart) - these are the ultimate goals for long-term players.

On the shorter timeframe, BTC/USD needs to stay above $6,483 handle to peek the recovery in place. If it is broken, the downside may be extended towards $6,300 (200-SMA, 1-hour chart) and $6,000.

BTC/USD, the weekly chart 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Ripple and Stellar outlook: XRP defends key support, XLM awaits breakout as derivatives strengthen

Ripple and Stellar outlook: XRP defends key support, XLM awaits breakout as derivatives strengthen

Ripple and Stellar show divergent technical outlooks as traders assess whether the recent weakness could give way to a recovery. XRP is finding support and defining a key support zone, while XLM slips below a cluster of Exponential Moving Averages.

Crypto Overview: Bitcoin holds steady, resonates with Gold – ARB, PYTH extend gains

Crypto Overview: Bitcoin holds steady, resonates with Gold – ARB, PYTH extend gains

Bitcoin price hovers above $77,000 on Thursday, losing bullish momentum as its correlation with Gold has risen to nearly 50% over the last 90 days. Arbitrum and Pyth Network recorded double-digit gains over the last 24 hours, emerging as top performers.

Bitcoin holds $63K and $86K range as profit-taking risk builds

Bitcoin holds $63K and $86K range as profit-taking risk builds

Bitcoin's recovery faces growing resistance as the market trades between a major accumulation zone below current prices and a dense concentration of potential supply overhead, according to a Glassnode report published Wednesday.

Robinhood Chain hits record daily fee revenue, boosts Arbitrum

Robinhood Chain hits record daily fee revenue, boosts Arbitrum

Robinhood Chain generated a record $3.75 million in daily fees on Tuesday, making it the third-highest of the day behind Uniswap (UNI) and Pons, according to data from DeFiLlama. The figure marked the network's fourth consecutive day of record daily fee revenue and its highest single-day total since launching its mainnet on July 1.
Bitcoin: Billions in ETF inflows push BTC toward decisive breakout

Bitcoin: Billions in ETF inflows push BTC toward decisive breakout

Bitcoin (BTC) extends gains so far this week, trading near $80,000 after testing the 50-week Simple Moving Average (SMA) at $81,114 earlier. Strong institutional demand is supporting the rally, with spot BTC Exchange Traded Funds (ETFs) on track to record a second consecutive week of billion-dollar inflows.