Bitcoin (BTC) Bitcoin price closed the week at $7,126 with highs of $7,306 and lows of $7,472. This represented a gain of 3.16% and a fifth consecutive week of buying pressure since the sharp drop into $3,000s, which was quickly rejected.
Bitcoin has begun the week with a sell-off, with prices pushing below $7,000, following traditional markets which are also down around 2% on Monday morning.
Ether (ETH), which was up 14% last week with highs reaching $190 and outperforming Bitcoin, is down 2.86% at $175.
EOS, which had a strong 4% positive week last week, is proving more resilient than both Bitcoin and Ether and is trading flat at $2.60.
Bitcoin dominance was down around 1.2% last week just below 64%, which was mainly as a result of the gains printed by ETH, EOS, Link and Tezos.
Cryptocurrency market daily performance. Source: Coin 360
1-week Bitcoin chart
The weekly chart paints a relatively straightforward picture defined by key moving averages.
The 200 and 100-week moving averages had previously been acting as support and resistance, with the 100 WMA being repeatedly tested over the previous five weeks defined by higher weekly closes illustrating a lack of selling interest.
The weekly close marginally above the 100-week moving average (MA) also means that the bulls have pushed prices 50% of the way back to the 2020 highs, with the 20-week MA and 61.8% retracement being the next obstacle to overcome just below $8K if momentum can be maintained.
BTCUSD 1 Week chart. Source: Tradingview
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is showing that the bulls are close to achieving a bullish cross, which has previously preceded larger bullish moves, with the last two instances of occurrence taking the price of Bitcoin across $10K.
Additionally, there is an unconfirmed bullish divergence on the histogram, which supports the case that the bears are no longer in control of the momentum. Also, last week’s volume remained relatively high showing that…