|

Bitcoin price analysis: BTC/USD heading for a strong finish, five consecutive weeks in the green, after a slow start

  • 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

Author

Ken Chigbo

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.

More from Ken Chigbo
Share:

Editor's Picks

XRP holds $1.00 key support as modest ETF inflows temper bearish trend

Ripple continues to trend bearish, trading at $1.00 as of Monday. The remittance token has hovered near this key support level since last week, indicating muted market catalysts for a rebound and signs of seller fatigue.

Zcash extends gains amid rising retail strength, Ironwood pool adoption

Zcash (ZEC) is up 5% on Monday, erasing the 4% losses from the previous week. The privacy coin gains retail strength amid rising user adoption, with Open Interest up 6% in 24 hours as Ironwood pool shielded volume crosses 3 million ZEC tokens.

Bitcoin range trade hints at looming volatility burst, analysts say

Bitcoin (BTC) trades slightly higher around $63,500 on Monday, following a slight correction the previous week, supported by improving risk sentiment and despite mild outflows from institutional demand.

Crypto Today: Bitcoin, Ethereum, XRP edge higher despite returning ETF outflows

The crypto market is broadly consolidating on Monday, with Bitcoin (BTC) holding above $63,000, Ethereum (ETH) approaching $1,900 and Ripple (XRP) sitting on top of the critical $1.00 support level.

Bitcoin: Hormuz uncertainty clouds BTC outlook
Bitcoin (BTC) trades around $62,900 at the time of writing on Friday, down over 3% so far this week amid cautious institutional demand and persistent geopolitical uncertainty. While BTC shows signs of stabilization, elevated Oil prices and tensions in the Strait of Hormuz continue to weigh on risk sentiment, keeping the Crypto King’s near-term outlook under pressure.