TRENDING:

GBP/USD

XAU/USD

Bitcoin Price Analysis: BTC/USD bulls breakout out of another pennant structure

Bitcoin price is trading in positive territory, up 5.80% in the second half of the session.
BTC/USD price action is breaking out of a narrowing four-session range.
There still remains some sticky supply within the early $7000 region, which bulls are working on.

Ken Chigbo Independent Analyst

BTC/USD weekly chart

Bitcoin managed to see another closure in the green, marking it four consecutive weeks.

BTC/USD daily chart

The price had formed a bullish pennant structure, which is inviting further upside pressure.

Spot rate: 7175.50

Relative change: +5.80%

High: 7179.73

Low: 6773.83

BTC/USD

Overview
Today last price	7123.33
Today Daily Change	345.76
Today Daily Change %	5.10
Today daily open	6777.57

Trends
Daily SMA20	6352.81
Daily SMA50	7581.62
Daily SMA100	8149.6
Daily SMA200	8159.6

Levels
Previous Daily High	6912.26
Previous Daily Low	6681.12
Previous Weekly High	7254.75
Previous Weekly Low	5854.85
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	6769.42
Daily Fibonacci 61.8%	6823.97
Daily Pivot Point S1	6668.37
Daily Pivot Point S2	6559.18
Daily Pivot Point S3	6437.23
Daily Pivot Point R1	6899.52
Daily Pivot Point R2	7021.46
Daily Pivot Point R3	7130.66

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Top 3 Price Predictions: Bitcoin and Ethereum aim for breakouts as Ripple holds at $2

Bitcoin, Ethereum, and Ripple record a minor recovery on Monday, starting the week on a positive note. The retail demand for major cryptocurrencies remains strong despite outflows from Bitcoin and Ethereum Exchange Traded Funds (ETFs).

Top Crypto Losers: Monero extends losses below $370 as Aster and Bonk risk record lows

Altcoins, including Monero (XMR), Aster (ASTER), and Bonk (BONK), are at risk of extending their losses as the broader cryptocurrency market stalls amid the dragging peace talks between Ukraine and Russia.

Bitcoin Weekly Forecast: BTC slips under $90K, no santa rally in sight

Bitcoin traders are counting on a year-end rally, awaiting a return above the $100,000 milestone. Bitcoin-based investment products are struggling with declining inflows and weaker institutional demand, relative to the beginning of the year.

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.

BTC/USD weekly chart

BTC/USD daily chart

BTC/USD

Legal Text

Markets move fast. We move first.

Editor's Picks