Bitcoin gains traction toward the end of the week, trades around $11,600

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  • Bitcoin gains more than 7% on the weekly chart.
  • Buyers try to take control of the price action following last week’s deep pullback.

Bitcoin (BTC/USD) spent a large part of the day in a tight range below the $11,500 mark on Sunday but gained traction in the last couple of hours to extend its weekly gains. As of writing, the pair was trading at $11,600, adding 3.2% on the day. For the week, the pair is up 7.7% and remains on track to post its highest weekly close since January 2018. Furthermore, the pair will close in the positive territory on the weekly chart for the sixteenth time in the last 20 weeks.

The next critical hurdle for Bitcoin seems to be located at $12,000. This level acted as resistance three times in the last couple of weeks. Above that level, the pair could find interim resistance at $12,400 (Jun. 28/Jun. 29 high) before turning its attention to the 18-month high that it set near $14,000 on June 26.

On the flip side, the 20-day moving average continues to limit the pair’s pullbacks and is now located near $11,000.  seems to be functioning as dynamic support near the $11,000 mark. With a daily close below that level, the 50% Fibonacci retracement of the June rally at $10,750 could be seen as the next support ahead of the critical psychological level of $10,000.

 

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