Bitcoin Price Analysis: BTC/USD flying and defying odds, as deadly bear flag is erased for now

Bitcoin price on Friday is very erect, holding solid gains of over 3%, as the wind remains behind the bulls.
BTC/USD bulls managed to break above a chunky area of resistance, which was originally formed a bearish flag pattern.
Heavy supply zone tracking from $6500-600 area has been cleared by the bullish momentum on Friday.

Ken Chigbo Independent Analyst

The Bitcoin price saw strong decent gains early on Friday, after it spiked some 3%, with the wind remaining behind the bulls. Life has been kicked back into the crypto market, after the plummet earlier in the month.

BTC/USD price action had formed a large bearish flag pattern, which appeared to summon Bitcoin to another chunky drop to the south. However, a breakout has been seen in the session, clearing the heavy resistance area, running from $6500-600.

Technically, given the recent failure of the rather large bearish set up seen for BTC/USD, the price looks subject to some further buying pressure. The clearance of supply zone mentioned above, paves the way for $7000 to come back into play. Bitcoin is taking a breather around plummeting levels seen on 6th September, where the price took a moment before another deep drop, resistance seen around $6700-50. Support will now be eyed at the broken supply $6600-500, to act as new demand area.

BTC/USD 60-minute 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.

Solana Price Forecast: ETF inflows, bullish derivatives signal more upside

Solana steadies at $78 on Wednesday, up over 2% so far this week. Institutional demand shows positive signs with SOL spot Exchange Traded Funds recording a second consecutive day of inflow this week. In addition, strengthening derivatives metrics support further gains ahead.

Crypto Market Overview: Bitcoin holds firm as ONDO and GRAM lead rally

The broader cryptocurrency market is witnessing an easing of bearish momentum, with Bitcoin holding above $66,000. Altcoins including Ondo and Gram, formerly known as Toncoin, are leading gains over the last 24 hours, driven by new features. Bitcoin holds above $66,000 on Wednesday, following a 2% surge the previous day.

Top 3 Price Prediction: BTC extends gains, ETH and XRP target breakout moves

Bitcoin, Ethereum and Ripple remain on the front foot as the broader crypto market extends its gains so far this week. BTC leads gains after closing above key resistance while ETH and XRP near key technical hurdles where a breakout could pave the way for additional gains.

White House backs ethics deal as CLARITY Act faces August deadline

The White House has agreed to a comprehensive ethics provision for the Digital Asset Market Clarity Act, potentially clearing a major obstacle to the crypto regulation bill as lawmakers aim to advance it before the August recess. The agreement follows weeks of negotiations over rules aimed at preventing government officials from having conflicts of interest in the crypto industry.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.