Bitcoin (BTC) Bull-Run Reaches Crucial Juncture, But Breakout Likely

bitcoin price weekly analysis btc usd

Bitcoin price settled above the key $5,000 hurdle and tested the $5,240 resistance against the US Dollar.The price faced a strong selling interest near the main technical barrier at $5,240-5,260.There is a major connecting bullish trend line formed with support near $4,200 on the daily chart of the BTC/USD pair (data feed from Kraken).The pair corrected recently, but it is likely to make another breakout attempt above $5,240.Bitcoin price started a massive bull-run above the $4,500 and $5,000 resistances against the US Dollar. BTC is currently struggling near the $5,240 resistance, but more upsides seems possible.Bitcoin Price AnalysisIn the past two days, we saw a nasty upward move above the $4,500 resistance in bitcoin price against the US Dollar. The BTC/USD pair even climbed above the $5,000 resistance and settled well above the 100-day simple moving average. During the recent rise, there was a break above a couple of important…

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