RATE Group | Weekend Trap? Bitcoin Price Hits $7.3K in Attempt to Finally Break Out
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Weekend Trap? Bitcoin Price Hits $7.3K in Attempt to Finally Break Out

18 Apr Weekend Trap? Bitcoin Price Hits $7.3K in Attempt to Finally Break Out

Posted at 15:45h in Bitcoin News by

The cryptocurrency and equity markets have seen a relatively stable week, as the volatility and volume drained away from both markets. Bitcoin (BTC) has been moving between $6,600 and $7,300 and hasn’t been showing direction. On the other hand, the volume is starting to drop significantly in the markets. 

Such a stable movement and compression combined with low volume generally leads to a big move to occur with just 24 days until the Bitcoin halving.

Crypto market daily performance. Source: Coin360

Bitcoin flirting with the 100-Week MA to break 

BTC USD 1-week chart. Source: TradingView

The weekly chart of Bitcoin is showing five consecutive green candles in the past weeks. That’s showing strength as the majority of the losses on March 12 or “Black Thursday” have been pared in the recent movements. 

But is this sustainable? The chart is also showing something different. First of all, a crucial break and further upwards extension require a clear break through the 100-Week MA….

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