Bitcoin price gained bullish momentum this week and broke the $3,850 resistance. BTC/USD buyers are in control and it seems like there could be steady gains above the $4,000 resistance.
- BTC price surged higher and broke the $3,780 and $3,850 resistance levels.
- There is a short term contracting triangle formed with support at $3,960 on the 30-minute chart.
- The price could correct slightly, but it is likely to extend gains above the $4,000 resistance.
Bitcoin Price Analysis (BTC/USD)
In the past two days, there was a solid rebound in bitcoin, Ethereum, XRP, EOS, BNB, and other altcoins. BTC formed a strong support near $3,700 and later climbed above the $3,780 and $3,850 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of BTC/USD, the pair even broke the $3,900 resistance level and settled above the 25 simple moving average (30-minute). The technical structure turned positive as the price settled above the $3,850 and $3,900 resistance levels.
A new weekly high was formed near the $3,998 level before the…