Since last week, not much seems to have changed with the price of Bitcoin.
The digital currency seems steady as of now, and it is still trading above the $5,000 line.
The market, on the other hand, looks like it’s on the lookout for a direction before making the next big move.
For the past week, we did not spot any major downfalls, which only means the bulls maintained their power and managed to defeat the bears.
The bullish continuation allowed the coin to break the $5,200 resistance against the U.S. Dollar and trade with a positive bias.
Placed on top, Bitcoin’s market cap reached $95.3 billion, with dominance of 54.2 percent. The total market cap reached $175.9 billion this week.
Bitcoin Price: Weekly Chart
In comparison with last week’s price chart, which displayed the gradual rise of the coin, this week’s chart looks almost flat.
Though regular oscillations were spotted and the coin did not go below the $5,000 zone, it still showed minor falls.
Last Wednesday, when the price of Bitcoin reached $5,640, marked last week’s highest point.
However, the very same day, Bitcoin bulls failed to guard the higher levels of resistance and the price dropped to a level of $5,623.
This natural minor drop would not have been so significant nor noted if it did not represent the weekly high this week.
Therefore, the highest marks of two weeks were reached on Wednesday, April 24.
From then up until the weekend, Bitcoin’s price was stable. There were small downward patterns spotted on the Bitcoin price weekly chart, but the line stayed balanced for the most part.
However, the weekends successfully disappointed us yet another week in a row.
For years, the weekends were considered the best time for digital currencies, but this is not the case anymore. This weekend was no exception.
On Friday, April 26, Bitcoin’s price fell to $5,186 and made the ultimate lowest point of the week.
This bearish trend line forced the coin to seek inferior levels for support, which then ranged at $5,100 and even lower, the strong $5,000 support area.
Luckily, there was a correction to this descending motion. By the end of the weekend, the price stabilized and remained solid.
At the moment of writing, Wednesday, May 1, the bulls proved to gain strength and the price reached $5,387.
This, we hope, is a symbol that the bulls will have the upper hand for the upcoming week.
Bitcoin Price: Daily Chart
Within smaller time frames, Bitcoin’s price chart shows a progressive course.
This gradual rise is nothing similar to last week’s daily chart, when the line showed to be extremely volatile.
Looking at the chart this week, we can see regular highs and lows, but the line, in general, shows signs of acceleration.
The daily relative strength index still faces sturdy resistance at 56. The Stochastic RSI is already in the area of overselling, and it looks like it is about to make a cross over.
Bitcoin Price: 4-Hour Chart
The hourly chart of the BTC/USD pair shows that the bearish trend line actually breached near $5,150.
As the pair continued to move higher, it traded towards the resistance level at $5,380.
On the four-hour chart, we can clearly see that Bitcoin re-tested the resistance at the declining trend line for the third time.
Once again, the coin was rejected. This caused $5,200 to be marked as the next significant level of resistance.
If a break up occurs, Bitcoin might reach resistance in the range of $5,300 to $5,350. The higher resistance lies at $5,500.
As we already mentioned, the support from below lies at $5,100. Hopefully, this support will be strong enough and the coin would not have to reach the significant support area at $5,000.
The hourly MACD currently has positive signs and can be found in the bullish zone.
The hourly relative strength index for the BTC/USD pair went above the 60 level and now it is near the 75 level.
Overall, Bitcoin price is likely to climb above $5,400 in the coming week, and the coin is currently trading positively.