The bulls are back, and this week was a fairly positive stretch for Bitcoin.
After the recent sudden rise of the bears, we were not quite sure what to expect for this week.
However, Bitcoin seemed to have ignited its engines.
In the past seven days, the coin did really well, making investors hopeful that the rollercoaster ride is now coming to its end.
However, just because the bulls had a couple of victories this week, that does not mean they did not struggle to get there.
After an unstable and overall negative week, the bulls pushed their hardest and once again succeeded in taking control of the wheel.
Their forceful return was not an easy job nevertheless. Similar to the fluctuating graph we had to work with for our last analysis, we again have a chart that’s extremely fragile and inconsistent.
So far, Bitcoin has hit the already-set bullish target as a result of the breakout to the upside.
The price action started to form around higher levels, and more stability is shown to come with it.
Currently, the king of cryptocurrencies is consolidating gains, which makes it likely to continue its uptrend.
As expected, along with the bulls’ accomplishments came the improvement of important weekly metrics.
The dominance of Bitcoin yet again elevated from 62.2% to 65.4%, allowing the coin to remain at the top of the ranks.
Bitcoin’s total market cap reached $204.3 billion this week, after decreasing to $203.8 billion during last week’s failures.
The total market cap, however, did not show recovery, as it is the only index that did not perform well this week.
After declining to $327.2 billion from $362.9 billion last week, the total market cap managed to go even lower.
This week, an unsatisfying figure of $312.7 billion was recorded.
Such uncertain weekly results point to either one of two scenarios. The sequence of events we hope for is that the bulls are finally gaining their traction back for good.
However, these results can also be one of the many attempts to defeat the bears in the short term.
Since we all know how quickly things are changing in the world of cryptocurrencies, the upcoming direction is unknown for everyone.
Bitcoin Price: Weekly Chart
Looking back at this week’s price chart, it is clear the bulls struggled a lot.
Identical to last week’s analysis, this time around we are going to make a note of the ascending and descending swings of Bitcoin, as featured in this week’s price chart.
Our Bitcoin price analysis series regularly starts from the end of the week prior, and this time it is no different.
Therefore, now is the perfect time to catch up with everything that happened since last Wednesday, July 3.
Back then, the bulls settled Bitcoin at $11,453 against the U.S. dollar. This price range marks an exceptionally risky area for the coin, so the bulls had to move outside of it, in one way or another.
During the same day, the coin fell below the $11,000 line. Now placed in a very sensitive space, Bitcoin had no other choice but to settle at a lower price of $10,878. Such value is the lowest point in this week’s analysis.
Reasonably, after this decline, things started to become slightly better. On the same day, July 3, the bulls managed to push Bitcoin above the $11,000 line.
By the end of last Wednesday, the price could be found at $11,366 against the U.S. dollar.
It seemed like the bulls were slowly gaining their strength back, and these assumptions were justified the day after.
With the start of Thursday, July 4, the price of Bitcoin suddenly jumped, getting very close to the $12,000 range.
It settled at a price of $11,996 before it started its downward course again. Being so close to an area that was once a yearly record did make us think that the bulls might actually achieve new highs in the near future.
However, that particular Thursday was not the best day for the bulls. Instead of going further above, the price once again started descending, and by the start of the weekend, it could be found close to the $11,000 line again.
Due to the instability of the days leading up to the weekend, it was unclear what would come next.
In last week’s analysis, we were concerned about Bitcoin’s projected downward path, making the weekends an unstable stretch for the coin once again. Ultimately, we were right.
As soon as the weekend kicked in on Friday, July 5, the bulls kept the price above the $11,000 line for a few hours.
Later that day, however, their strength started to decrease—resulting in the price dropping below the line for the second time this week.
As we mentioned, the area around the $11,000 is a very tricky one, because the bulls always have a tough time getting out of it.
The easier way out seems to be going below it, so maybe that’s why we witnessed such major drops in just several days.
On Saturday, July 6, Bitcoin’s price had yet another fresh increase, climbing above the line again.
During the day, the price was oscillating in a range $11,033 to $11,424, but because the area has its bad reputation, it was unclear what Sunday would bring.
Considering the resilient conflict, the odds that the bulls would achieve a significant success were small.
They were constantly trying to get back in the game stronger than before but were repeatedly defeated by the bears.
Another week in a row, the weekend was not a good time for the bulls, as the Sunday did not change much.
In the course of the day, the bulls’ only achievement was keeping the coin above the $11,000 line.
Despite the setback, we realized things could drastically change with the start of the new week. Therefore, a whole new wave of hope prevailed.
On Monday, July 8, Bitcoin’s price begun its fresh increase. Previously not being able to move outside the risky area, now the price was found close to the $12,000 line.
The same day, the bulls pushed Bitcoin above the mark. The increase of the price continued on Tuesday as well, and by the end of the day, the bulls brought the coin to $12,726 against the U.S dollar.
Not only was this price an amazing accomplishment for the bulls, but it also marked the highest point of this week.
Bitcoin finally got close to another significant level of $13,000, holding the possibility of setting a new record for 2019 in the near term.
The price of Bitcoin kept variating during the next day, bringing the currency to a slightly lower level.
Throughout Tuesday and Wednesday, the value of Bitcoin was varying in the range of $12,300 and $12,500, ultimately keeping a fair balance.
As of now, Wednesday, July 10, Bitcoin rests at $12,573. Even though it may not seem like the bulls achieved a lot this week, they still managed to successfully escape the area surrounding $11,000.
However, because of their constant struggle, we are unable to tell whether the uptrend will continue or not.
Bitcoin Price: Daily Chart
The last several weeks showed a lot of dissimilarity between the weekly and the daily chart.
Whenever we had a balanced weekly chart, the daily chart displayed a high volume of instability and vice versa. This time around, that simply is not the case.
Identical to the weekly chart of Bitcoin’s price, the daily chart presents uncertainty as well.
Just by looking briefly at the graph, you will be able to notice the level to which the bulls struggled to remain in control, and how forceful the bears safeguarded it.
The relative strength index on the daily chart invalidated the negative divergence and confirmed its bullish momentum.
After entering the 50 level last week, now the daily chart’s RSI is above the 62 level, facing the strong resistance area of 70.
Last week, the Stochastic RSI oscillator was already placed in the area of overselling.
Then, there was a possibility of a bullish crossover, and it could lead to an inevitable correction.
This week, the bullish crossover did occur and the index strongly entered the bullish territory.
The trading volume, contrary to last week, showed some improvement. Last week’s high selling volume was ultimately very unfortunate for the bulls.
But the buyers supported the spike, forming a positive change in the volume of trading this week.
Bitcoin Price: 4-Hour Chart
The hourly chart of the BTC/USD pair shows the forming of a major bullish trend line, with support near the $12,700 level.
The pair seems to be gaining momentum, which can result in positive turnout in the days that come.
The hourly MACD remains in the bullish zone yet another week in a row, repeatedly gaining pace.
The hourly relative strength index, just like the one on the daily graph, displays positive signs and is currently moving upward.
On the bearish side, Bitcoin’s nearest level of support lies at $12,500. Below, there is a support level of $12,200 and the significant level of $12,000.
The breakout zone formed around $11,500 can be found further below, as well as the strong $10,800 and $11,000 area.
At this point, investors are hoping this substantial demand area will not be retested again.
On the bullish side, the strongest resistance level Bitcoin is facing is formed around $13,000.
In case the coin breaks above the line, it would face higher resistance areas of $13,500 and possibly the current 2019 record around the $13,800 line.
To sum things up, although this week was a fairly good run, it was equally hard for the bulls.
They did manage to achieve some successes, but it was a hard battle—forcing them to fail on several occasions.
Such volatility can trigger deep corrections and possible cutbacks but can signify future accomplishments as well.
Even though no one knows what will happen, one thing is for sure—it will be interesting.