Ken Chigbo
Independent Analyst
- Bitcoin has broken out of a bullish pennant formation, now set to test key resistance at $8,500.
- BTC/USD has jumped 25% since last Wednesday, on 11th April, moving from the mid $6,000 region.
The Bitcoin price is seen up with a modest 0.5% of gains on Friday, after the previous session saw BTC/USD making a break and close above the bullish pennant pattern, as seen on the daily time frame, indicating further upside ahead.
Since the change in short-term trend which triggered last Wednesday, 11th April, BTC/USD has gained around 25%, with a big push from the mid $6,000 region. Across the crypto market, gains have been enjoyed by the major altcoins, but it is still early to say if the longer-term trend is out of the bearish state.
BTC/USD is gunning for a strong resistance level, which is seen at $8,500, a push through would mean the bulls have managed to be back above a long-running ascending trend line, from September 2017. Should $8,500 be taken out, a move up to $9,000-9,500 will be possibly, ahead of the psychological $10,000 mark.
BTC/USD daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Why LIBRA meme coin promoted by Argentina President Milei is crashing?
LIBRA meme coin promoted by Argentina’s President Javier Milei is making headlines again, crashing nearly 15% on the day. A local Argentine media outlet, Perfil, reported that lawyer Gregorio Dalbón had requested Interpol for a red notice to be issued for Hayden Davis.
Metaverse narrative stalls as price action fades, but on-chain data signals continuing accumulation
Metaverse tokens Sandbox, Decentraland and Axie Infinity continue to face correction since they topped in early December. A Glassnode report suggests that despite price pullback, on-chain activity suggests holders accumulation.
DeFi user loses over $700K USDC in a sandwich attack that experts suggest could be money laundering
A DeFi trader became the subject of discussion among crypto community members on Wednesday after losing more than $700K worth of stablecoins to a sandwich attack on the Uniswap v3 protocol.
Tether on-chain activity surges to a six-month high with 143,000 daily transfers
Tether (USDT) stablecoin on-chain activity has rapidly risen, with over 143,000 daily transfers, surging to a 6-month high. Moreover, the USDT Network growth metric increases, indicating greater blockchain usage.
Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin price extends its decline on Friday, falling over 5% so far this week. BTC uncertainty and volatility spikes liquidated $1.67 billion as the first-ever White House Crypto Summit takes place on Friday.
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.