Bitcoin Price Analysis: BTC/USD road back to $5000 eyed

Bitcoin bulls are back, price up around 8% on Monday, jumping to the highest level in four days.
BTC/USD must breakout from current range-block, to facilitate further buying pressure.

Ken Chigbo Independent Analyst

The Bitcoin price on Monday is seen holding solid gains of 8%, towards the latter part of the session. BTC/USD jumped to its highest level in four days. Despite the decent advance see, the price remains confined within a range-block.

Given the strong surge seen in the session, one must look at the upside targets for Bitcoin, on this possible road to recovery. The first barrier that must be broken by the bears is around the $3600 price area. This is the upper part of the recent 10-day range-block.

Should the bulls have enough momentum to cause a breakout to the upside, the next challenge will be to wear down the $4500 territory. This could then allow a fast move back into the $5000 territory. BTC/USD hasn’t traded here since 19th November. Support remains at the recent bottom area, seen at $3100.

BTC/USD daily 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.

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