TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin Price Analysis: BTC/USD set for $6000 and beyond return

  • Bitcoin price in the latter part of Wednesday’s session is holding some minor gains of 0.7%.
  • BTC/USD price action has formed a bullish flag pattern, subject to a potential breakout to the upside.
Bitcoin Price Analysis: BTC/USD set for $6000 and beyond return
Ken ChigboKen ChigboIndependent Analyst

                                                                                                                  

The Bitcoin price in the latter stages of trading on Wednesday is seen trading up with gains of some 0.7%, as a continuation of consolidation can be observed across the entire market. The next definitive trend is eyed, after the aggressive push higher at the start of the month, which lost much momentum.

BTC/USD price action is moving within a bullish flag pattern formation via the 60-minute chart view. Given the current behaviour and technical near-term structure, it suggests of a potential imminent breakout to the upside.

Immediate resistance is eyed at around the range of $5250-300 price range, where the upper acting trend line of the flag formation is tracking. A break and closure above here via the 60-minute view, will likely see anther wave of buying pressure.

BTC/USD 60-minute chart view

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

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.