This past week was a good stretch for Bitcoin.
Although lately, we watched Bitcoin’s price dropping down, the buyers still continued protecting the $3,800 support area.
Bitcoin’s status as stable and still in the same range leaves us questioning: Will it accelerate above $4,000 in the near term?
Since the price is slowly moving higher, finally breaking the $3,850 mark, Bitcoin may reach its next target quicker than anticipated.
From above, Bitcoin is currently facing a resistance area from $3,950 to $4,050, and support of $3,850 from below.
If the uptrend remains active, Bitcoin is likely to overcome $4,000 soon.
In the overall cryptocurrency market, Bitcoin had a share of 51.7 percent. The total market itself reached $133.7 billion.
Bitcoin Price: Weekly Chart
Once again, Bitcoin bulls successfully guarded the $3,800 resistance, and the coin remained very stable this week.
Steadily rising from the $3,700 support area, that was reached last week, Bitcoin price settled above the resistance level of $3,800.
Shown in the weekly chart of Bitcoin price, the coin had a very strong weekly support area of 200 MA.
Although the price of Bitcoin fluctuated, as expected, it did not decrease below the $3,850 area.
Prior to reaching the highest point of this week, on the Friday of March 8, Bitcoin could be spotted at an exact price of $3,878 against the US Dollar.
Even though it was seemingly dropping, only one day later, the chart’s trend line took a more positive turn.
This week’s highest high was formed on Saturday, March 9, 2019, when Bitcoin bulls managed to reach a price of $3,984.
The weekends again proved to be the best time for Bitcoin, and the currency kept its balance over the next few days.
However, following the rise and almost crossing over the $4,000 border, Bitcoin’s price was spotted to take the down road.
On Tuesday, March 12, 2019, Bitcoin was detected at the price of $3,863. This ultimately made the lowest low in the weekly Bitcoin chart.
If the bulls continue to trade within the current range, Bitcoin has a potential of making even higher highs.
Following the drop of the price, regular highs and lows were displayed on the weekly chart.
Bitcoin Price: Daily Chart
According to the numbers the daily chart showed this week, we could clearly see the Bitcoin’s current place in the market and its ambitions for the near future.
In the general pattern, Bitcoin displays core indicators of potentially reaching the $4,000 aspirations established back in 2018.
With a current price of $3,895, the coin is now readier than ever to re-test the limits again.
Bitcoin’s daily price chart presents the relative strength index overcoming the critical 56 levels.
To confirm the level as support, these levels of RSI are being examined again.
As long as the level of relative strength index stays above 56, this is considered a healthy correction.
As a closer look up, the daily chart also shows more green candles popping up. Over the past week, the daily trading volume has not made any significant improvements.
Bitcoin Price: 4-Hour Chart
In comparison with last week, this week’s four-hour chart displayed exactly the opposite.
After forming a bear flag a week ago, Bitcoin bulls fought hard. And now, Bitcoin is forming a bull flag.
The MACD showed a slow movement towards the bullish zone, and if this formation remains, the next target is the $4,000 level.
Since the Bitcoin bulls are back, we are eager to see what the next step for Bitcoin is.
The cryptocurrency is moving up, and if the breaking up actually happens, Bitcoin will face a $4,200 significant resistance.
Overall, Bitcoin had a very good and stable week, and if this progress continues, it may clear the path for testing much higher levels.