• Bitcoin price has rallied for the past five consecutive trading weeks, gaining 50%.
  • Supply zone from $9,500-10,000 is still key, then eyes will be on a retest of $11,700 where the price previously double topped.

 

The Bitcoin price is seen trading down marginally by 1% on Friday, as it looks to have a strong push towards the end of the week. Bulls come in with some force with the move north, after starting off quiet on Monday, Tuesday and Wednesday.

BCH/USD has rallied for five consecutive weeks, moving from a price as low as $6,400, to push back above $9,500, a strong gain of over 50% for Bitcoin. Within this time period, the bulls managed to push the price back above the long-running ascending trend line which had been breached.

Technically, looking on the weekly time frame, BTC/USD looks attractive for some further potential upside, however there is still a firm challenge ahead. A supply zone runs from $9,500-10,000, Bitcoin has not been above this area since the 5th March. Above this area, bulls eyes will be locked on $11,700 to see how the price responds to the double top.

 

BTC/USD daily chart

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Binance Coin Price Prediction: CZ's Crypto Takeover

Binance Coin Price Prediction: CZ's Crypto Takeover

Binance CEO Changpeng Zhao (CZ) plans to hire 2,000 more Binance employees. 14 million tokens have been locked away and burned this summer. A break above $336 could be the catalyst to induce an additional 40-50% rally.

More Binance Coin news

Dogecoin: A $0.02 DOGE by 2023

Dogecoin: A $0.02 DOGE by 2023

Dogecoin price prediction shows reasons to be concerned. Analysts have been eyeing the notorious dog coin throughout the summer as the DOGE price fell into considerably discounted price territory at $0.050. Invalidation of the downtrend will result from a breach above $0.112.

More Dogecoin News

Shiba Inu on fire, another price rally around the corner?

Shiba Inu on fire, another price rally around the corner?

Shiba Inu, the second-largest meme coin, is closer to its breakout according to analysts. While declining trade volume and inflows to SHIB are typical of a bearish trend reversal, analysts remain bullish on SHIB. Analysts have predicted a recovery in Shiba Inu.

More Shiba Inu news

Is this the end of the road for Avalanche price?

Is this the end of the road for Avalanche price?

Avalanche price grinds to a halt, breaking a two-month trend within an ascending parallel channel. Despite breaking above $30.00, AVAX failed to close the gap to $40.00. Initially, higher support at $28.00 mitigated the bears’ influence on the price.

More Avalanche news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP