Bitcoin Technical Outlook: BTC/USD Surges 40% as Bulls Eye Pivotal Resistance
Bitcoin has rallied in seven of the past nine weeks, with BTC/USD surging to its highest since May as bullish momentum accelerates.
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Bitcoin Technical Outlook: BTC/USD Multi-Timeframe Analysis
Bitcoin technical analysis across the weekly and daily charts shows a rally now pressing into its first major resistance zone. Michael Boutros, Senior Market Analyst at StoneX, walks through the multi time frame structure behind Bitcoin's move off the yearly low. The advance follows the Treasury's expansion of its buyback program, which revived the dollar debasement trade and lifted gold alongside Bitcoin. Weekly momentum has climbed to its highest reading of the year, matching the level last seen when the record high was set. Boutros also covers the break of the May downtrend and the core PCE print, Jackson Hole Economic Symposium and Nvidia earnings all landing inside the same week.
This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by FOREX.com.
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Active Short-term Technical Charts
- Australian Dollar Short-term Outlook: AUD/USD Breakout Extends to 10-Week Highs
- British Pound Short-term Outlook: GBP/USD Bulls Confront Resistance at Three-Month Highs
- Gold Price Short-term Outlook: XAU/USD Breakout Faces a Defining Test
- US Dollar Short-term Outlook: USD Correction Pressures Pivotal Support
- Euro Short-term Outlook: EUR/USD Breakout Risk Builds Into Month-End
- Swiss Franc Short-term Outlook: USD/CHF Rally Presses Yearly Trend Resistance
- Canadian Dollar Short-term Outlook: USD/CAD Rebound Challenges the July Downtrend
Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
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