Bitcoin: Tracks 20% Weekly Gain on Positive News
Bitcoin at $75,343.01 eyes 20% weekly gain from $62,836.88, Coinbase and Circle stocks up sharply as 4h chart shows RSI 94.51 overbought.
SourceAnalysis
Bitcoin was on track for a weekly gain of around 20% early on Friday, following a spate of positive developments for the world’s largest cryptocurrency. Bitcoin was last seen at $75,343.01, up from $62,836.88 at the start of the week. Crypto stocks followed suit on Thursday, with Coinbase and Circle closing up 7.5% and 6.45% each, while Strategy rose 7.8%.
Price action on the 4h chart shows BTC testing upper Bollinger resistance at $77844.75 while RSI(14) flashes overbought at 94.51, making a healthy retracement to the 50-EMA support at $67127.92 probable before further continuation amid the MACD golden cross at 3070.59.
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