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Bitcoin Forms Bullish Weekly Candle but One Factor Could Spoil Its Uptrend


Bitcoin has once again found itself caught within a bout of sideways trading within the upper-$6,000 region following yesterday’s firm rejection at $7,300. Although the technical damage done by this movement appeared to be overtly bearish, BTC has been able to hold steady. Analysts are now noting that BTC’s weekly candle is shaping up to be bullish, with a close at or above its current price potentially bolstering the crypto’s mid-term technical outlook. It still remains unclear, however, as to whether or not this will be enough to push Bitcoin past the intense resistance that has formed just slightly above its current price level, which has led some analysts to be bearish in the short-term.

Bitcoin Holds Steady Following Firm Rejection at $7,300

At the time of writing, Bitcoin is trading up just under 3% at its current price of $6,900, which marks a notable climb from weekly lows of $5,800 that were set when bears attempted to reverse the uptrend established when BTC rebounded at $3,800. Read More...

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