- BTC /USD hits fresh five-week highs to test $11,500 levels.
- A symmetrical triangle spotted on the daily chart.
- A daily closing above $11,080 key for additional upside.
Bitcoin (BTC/USD) is on a track to book four straight days of gains this Saturday, amid the upbeat mood seen across the crypto space. The most favorite crypto coin trades close to the highest levels in five weeks at $11,498, adding 3% so far. Despite the recent rally, some analysts view Bitcoin’s surge as a dead cat bounce or fake-out before substantial declines. At the press time, Bitcoin enjoys a market capitalization of $210.82 billion.
Technical Outlook
BTC/USD: Daily chart
As observed on the daily chart, BTC/USD has carved out a potential symmetrical triangle breakout, with the bullish formation likely to be confirmed only a daily closing above the falling trendline resistance at $11,080.
The 14-day Relative Strength Index (RSI) points north while trending below the overbought territory, suggesting that there is more room to the upside. Adding credence to the positive bias, the MACD has formed a strong bullish bar on Saturday.
The price has recaptured all the key Daily Moving Averages (DMA), backing the bullish case.
Therefore, the bulls could regain momentum and eye a test of the next critical barrier at the $12K mark before the spot embarks upon its journey to take on the pattern target near $13,300 levels.
Alternatively, any profit-taking declines could confront the former trendline resistance now turned support at 11,080, below which the 50-DMA support at $10,856 could come into play.
The next fierce support awaits around $10,700, which is the convergence of the horizontal 21 and 100-DMAs.
BTC/USD: Additional levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top gainers Virtuals Protocol, Floki, Hyperliquid: Altcoins extend gains alongside Bitcoin
The cryptocurrency market sustains a market-wide bullish outlook at the time of writing on Tuesday, led by Bitcoin (BTC) and select altcoins, including Virtuals Protocol (VIRTUAL), Floki, and Hyperliquid (HYPE).
Token unlocks over $625 million this week across major projects SUI, OP, SOL, AVAX and DOGE
According to Wu Blockchain, 11 altcoins with one-time tokens unlock more than $5 million each in the next seven days. The total value of cliff and linear unlocked tokens exceeds $625 million.
TRUMP meme coin on-chain activity surged following dinner announcement: Kaiko
Kaiko Research published a report on Monday highlighting the significant impact of TRUMP's team dinner announcement on the meme coin sector. The announcement triggered a surge in on-chain activity and trading volumes, with TRUMP accounting for nearly 50% of all meme coin trading volume.
Coinbase launches new Bitcoin Yield Fund, offering investors 4–8% annual returns
Coinbase has launched a Bitcoin Yield Fund, aiming to offer non-U.S. investors sustainable 4–8% returns paid directly in Bitcoin.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.