FX.co ★ Bitcoin: upside scenario takes shape

The price of Bitcoin rallied in the last hours and now is trading at 17,350 at the time of writing. You knew from my previous analysis that the cryptocurrency maintains a bullish bias and it could approach and reach new highs.

The cryptocurrency increased by 1.35% from yesterday's low of 17,136 to 17,368 today's high. In the last 24 hours, BTC/USD is down by 0.03% but it's up by 3.93% in the last 7 days. Further growth should help the crypto market.

BTC/USD Strongly Bullish!

The price failed to come back to test and retest the 17,046 static support or the ascending pitchfork's lower median line (lml) signaling strong upside pressure.

Now, the token is challenging the weekly R1 (17,337) and is almost to hit the 17,393 former high which represents an upside obstacle. As long as it stays above the lower median line, the bias is bullish in the short term.

BTC/USD Forecast!

A new higher high, a valid breakout through 17,393 activates further growth. This could bring new longs.