HomeLatest NewsBitcoin price outlook: BTC/USD hits third-highest ever weekly close

Bitcoin price outlook: BTC/USD hits third-highest ever weekly close

If Bitcoin bounces higher from the $15,975 weekly close, a retest of 2020 highs around $16,494 would likely see it print its second-highest green candle on the weekly chart

This past week, Bitcoin news was dominated by PayPal for crypto in the US, a Chinese bank shelling out $3 billion worth of bonds for the digital asset and billionaire investor Stanley Druckenmiller talking up Bitcoin over gold.

In the market, Bitcoin’s price soared to a new year-to-date high of $16,494. However, the week also saw bears plunge prices to lows of $14,824, with another rejection at $16K seeing the bulls stage a comeback from $15,713 to close at $15,975. The close is now Bitcoin’s third-highest ever weekly candle and comes after a sixth straight green candlestick on the seven-day log.

The last time the BTC price on the weekly log was higher than $15,975 was the first week of January 2018. At the time, the digital asset closed at $16,124- which is what bulls need to aim for if they are to print the highest weekly close since December 2017.

Bitcoin price weekly chart. Source: TradingView


BTC/USD has traded above the 10-day exponential moving average on the daily chart since early October, a trend bulls need to maintain to remain in control. The daily chart below shows that the 10-day EMA currently provides support at $15,696.

The technical picture also shows that Bitcoin is well above the 50-day simple moving average ($12,902), while the Relative Strength Index (RSI) is within the overbought territory but not yet overextended. From this perspective, BTC bulls appear to have the upper hand and could push above $16,000 to retest resistance near $16,500.

BTC price daily chart. Source: TradingView

If buy-side pressure holds and the BTC/USD trades well above the above-mentioned barrier, the next target will be the psychological level at $17,000. Bulls are then likely to face a stronger challenge at around $17,200.

If the bulls fail to hold prices above the 10-day EMA, increased sell-off pressure could push Bitcoin towards two support zones — $14,800 and $14,000.

BTC/USD 4-hour chart. Source: TradingView

On the 4-hour chart, BTC/USD is just below the 10-EMA ($15,990), with the flattening curve of the moving average suggesting a weakening of the bullish momentum.

The RSI is also suggesting a bearish divergence, with the indicator ticking just above the midpoint.

Bitcoin price is, therefore, likely to struggle around the $16,000 area.

However, the 50-SMA on the 4-hour chart ($15,710) provides immediate support should the bears take advantage. If the downward pressure increases, the BTC price could drop to $14,800. The next support level is at $14,400 and then $14,000.

At the time of writing, the flagship cryptocurrency is trading at around $15,977.


Sign up to our exclusive newsletter today!

Tailored emails

No SPAM ever!

Alt coin news

Unsub anytime

After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.