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

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.