April 12th Technical Analysis: Bitcoin

Bitcoin, BTC to USD, rose by 3.08% in the week ending 11th April. Following on from a 4.40% gain from the previous week, Bitcoin ended the week at $60,032.0.

A mixed start to the week saw Bitcoin rise to a Tuesday high $59,499.0 before hitting reverse.

Falling well short of the first major resistance level at $60,676, Bitcoin slid to a Wednesday intraweek low $55,555.0.

Coming within range of the first major support level at $55,317, Bitcoin rallied to a Saturday intraweek high $61,243.0.

Bitcoin broke through the first major resistance level at $60,676 to come within range of the March swing hi $61,699 before easing back.

5 days in the green that included a 3.84% rise on Thursday and a 2.89% gain on Saturday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through the $58,943 pivot to support a run the first major resistance level at $62,332.

Support from the broader market would be needed for Bitcoin to break out from the March 14th swing hi $61,699.0.

Barring an extended crypto rally, the first major resistance level and resistance at $62,500 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $65,000 before any pullback. The second major resistance level sits at $64,631.

Failure to avoid a fall through the $58,943 pivot would bring the first major support level at $56,644 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $53,255.

At the time of writing, Bitcoin was down by 0.17% to $59,927.4. A mixed start to the week saw Bitcoin rise to an early Monday morning high $60,406.0 before falling to a low $59,667.0.

Bitcoin left the major support and resistance levels untested early on.

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