Bitcoin (BTC) Price Outlook, Chart and Analysis:
- Higher lows confirm positive momentum.
- Supportive technical remain in place.
IG Client Sentiment Datashows how retail are positioned in a variety of cryptocurrencies. See how daily and weekly positioning can affect our trading bias. Bitcoin (BTC) trade data shows 80.1% of traders are net-long, a strong contrarian bearish signal. However, recent daily and weekly changes in sentiment suggest a stronger bearish trading bias.
Bitcoin (BTC) Pushing Higher One Step at a Time
Bitcoin continues to stair-step higher and is closing in on an old resistance zone ($8,388 - $8,481) which may slow its recent rally but is unlikely to trigger a major reversal. We noted earlier this week that while upside momentum was slowing, borne out by the last two daily candles, support continues to build with higher lows printed in the last six trading sessions.
The latest push higher needs to break and close the zone mentioned earlier, leaving the May 30 high at $9,080 an achievable target in the short- to medium-term. Above here, Bitcoin is back at levels last seen in early-May last year. Above here, an old swing-high at $9.957 comes back into focus, just ahead of the psychological $10,000 level, a price that will likely spark a flurry of positive crypto-currency headlines.
We mentioned in our report earlier this week that the recent double-lows either side of $7,450 need to hold to keep medium-term bullish momentum intact. This remains the case.