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Bitcoin Technical Analysis: BTC/USD $8500 barrier breach is key to fast $10,000 return

  • Bitcoin price is trading in the red, down some 1.30% in the second half of the session. 
  • BTC/USD is narrowing as the price consolidates above the big $8000 mark, next committed move is pending. 
  • The price is continuing a steady weekly performance, as it moves within a bullish flag structure. 
Bitcoin Technical Analysis: BTC/USD $8500 barrier breach is key to fast $10,000 return
Ken ChigboKen ChigboIndependent Analyst

BTC/USD weekly chart

The price via the weekly view is enjoying a decent run to the upside, having closed another week in the green, four consecutive weeks of positive closures. 

BTC/USD daily chart

The price is sitting on strong psychological support at $8000, a big barrier can be seen ahead of $8500. 

Spot rate:                 8082.30

Relative change:     -1.20%

High:                         8193.44

Low:                          8041.65

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.

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