FX.co ★ Bitcoin accumulates more bullish energy

BTC/USD is trading at 24,598 at the time of writing below today's high of 25,250. Technically, the price action signaled exhausted buyers in the short term after reaching a major resistance.

Bitcoin increased by 18.12% from last week's low of 21,374 to 25,250 today's high. The bias is bullish despite temporary retreats or sideways movements. In the last 7 days, BTC/USD is up by 13.50% but it's down by 1.03% in the last 24 hours.

BTC/USD Rally Stopped By 25,250!

BTC/USD tested and retested the 25,212 historical level (key level), registering only false breakouts. It seems that we have a strong supply zone around it. Technically, the median line (ml) of the ascending pitchfork represents a downside obstacle.

As long as it stays above it, the rate could extend its growth. The current sideways movement could represent an accumulation. The price tries to attract more buyers before extending its growth.

BTC/USD Outlook!

A valid breakout above 25,212 activates further growth. This is seen as a long opportunity.