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 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
Independent Analyst
