Bitcoin Price Analysis: BTC/USD must breakdown $4000-4500 range for greater upside

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  • Bitcoin price on Friday is trading with very minor gains of some 0.5%, in what has been a generally muted session.
  • BTC/USD price action has to push through and past $4000-4500 range for greater upside.

Bitcoin price on Friday is trading in minor positive territory, attempting to breakdown the heavy supply that is seen within the early $4000 price territory. The past few sessions have been somewhat muted, as seen across the market.

BTC/USD price action has been pushing north over the past 4 consecutive sessions, gains of some 6% within the mentioned period. The price is being supported by an ascending trend line which has been running since 6th February.

The large barrier remains in and around the $4000 price territory, supply can be observed running from $4000 up to $4500 range. BTC/USD has not traded above this area since 20th November 2018, demonstrating the significance of its presence. Should the bulls be able to breakdown this area, a decent wave of buying pressure would likely follow.

BTC/USD daily chart

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