Bitcoin bulls are back, and we cannot be happier about it.
While we were uncertain last week about whether the bulls wait on the sidelines before they enter higher positions, today we can definitely say this was the case.
Another week in a row, another victory for the bulls. This week, just like the last one, the Bitcoin bulls did not give up and reached yet another milestone.
In the course of the last seven days, we witnessed a solid rise in the price of Bitcoin.
The coin remains in a strong uptrend and is actively moving higher.
The price charts displayed a gradual climb towards the top, which today can be found at the $5,633 against the U.S. Dollar.
Reasonably, Bitcoin found strong support and resistance at much higher levels.
The current overwhelmingly bullish view only gives us hope that the world’s first digital currency will finally break above the $6,000 line.
Remaining on the top, placed at #1, Bitcoin reached a dominance of 54.4 percent this week.
The total market cap is at $182.9 billion, while Bitcoin’s market cap reached $99.4 billion.
Bitcoin Price: Weekly Chart
Despite being caught on both sides of the $5,000 line last week, the coin traded in the bullish territory.
Such drastic changes were not spotted this week, as the price of Bitcoin was not found at a lower price than $5,221.
The bulls managed to maintain the upward momentum and the coin has now surged above much higher levels.
This ascending line has been rather isolated for Bitcoin because the majority of the cryptocurrencies have not surged yet.
Our last price analysis showed that the coin was put in a detracting juncture due to the inability to go above the $6,000 mark.
Since this did not happen, and the bear market was not confirmed over, the price was most likely to change.
The direction was unknown, as Bitcoin’s price was foreseen to either go drastically down or up.
Luckily, the route Bitcoin took was better than we anticipated.
As mentioned, this Bitcoin price weekly chart displayed a progressive course towards bigger marks.
The line naturally showed several drops, but the price, within smaller time frames, did not vary a lot.
Starting from where we left off, Bitcoin’s price was at $5,243 last week. The very same day, April 17, Bitcoin’s price fell to an exact price of $5,220 against the U.S. Dollar.
This value will go on to represent the lowest point in the weekly chart.
On Wednesday, Bitcoin bulls gained traction and the coin then took a favorable path. Since then, Bitcoin price is steadily growing.
The weekend was great for the most dominant coin on the market.
On Sunday, April 21, the price could be found at $5,359, which was the highest mark up until then.
However, this price did not stick for too long, as Bitcoin’s price started dropping at a slow pace.
By the end of the weekend, the coin was placed at the $5,261 line.
Since the weekends are usually considered encouraging, the start of the new week was daunting.
We were only left to hope the bulls would continue fighting.
On Monday, April 22, the price of Bitcoin started increasing once again.
During the day, the value altered within the $5,200-$5,400 range. At this time, the coin found support at the level of $5,100 before it arrived at a brand new level.
The price climbed to $5,557 on Tuesday, April 25.
This major move was the first point in a positive direction.
At the time of writing, Wednesday, April 24, Bitcoin can be found at $5,640 against the U.S dollar.
Today’s price marks the highest point of this week. Interestingly enough, this week’s chart begins with the lowest point and ends with the highest one on the opposite side of the graph.
Bitcoin Price: Daily Chart
Unlike the weekly chart of Bitcoin’s price, the daily chart is irregular and definitely does not display an ascending line.
Looking at this chart, we can see how much the coin actually varied on a daily basis.
These changes did not surprise us at all since the weekly chart already showed major fluctuations within tight periods.
To the joy of the bulls, the tight range of $5,300-$5,350 was finally broken up. The daily high was marked at $5,639, which in fact is a decent breakout.
After surpassing the $5,500 level, Bitcoin is now testing it as support. If this does not hold up, the next major resistance lies at $5,300-$5,350.
Near below is the $5,200 support level, while going further down leads us to the strong support found at $5,000.
From above, the coin now has major resistance in the range $5,700-$5,800.
The relative strength index on the daily chart showed the RSI no longer struggles with the 70 level of resistance.
Following the breakout in Bitcoin’s price, the index now float around the 75 RSI level.
This means the index relocates in a bullish area.
Bitcoin Price: 4-Hour Chart
Looking at the hourly chart of the BTC/USD pair, it is clear that a bullish pattern is forming near the $5,595 resistance.
On the downside, the pair remains well supported.
When the $5,600 level was reached, BTC/USD settled above the 100 hourly simple moving average.
The hourly MACD showed strong signs it is ready to move back into the bullish zone.
Right now, the hourly RSI for the BTC/USD pair is above the 60 level.
Right now, the technical indicators display the major support lies at $5,520 (followed by $5,460), while the major resistance levels can be found at $5,600, $5,640 and $5,700.
These signals show that Bitcoin may actually be in the process of gearing up for the next major move. A $6,000 breakout, maybe?