BTC/USD (Bitcoin) Bounces Off Weekly Lows to End Session Higher

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The price of Bitcoin (BTC/USD) rebounded on Friday to end the day on a high after what has been relatively a poor week for cryptocurrencies. The pioneer cryptocurrency had pulled back on Thursday to trade at new weekly lows of about $8,160 after momentarily touching the $8,000 key level.

However, it mounted a late rebound which saw it end the day on high trading at around $8,535. This came following news that the US will start to levy tariffs on Mexican products imported to the US.

BTC/USD (Bitcoin) Fundamentals Overview

From a fundamentals perspective, the BTC/USD (Bitcoin) is trading at the back of some positive news from the perspective of investing in cryptocurrencies. Cryptocurrency has been tipped to replace gold as the new preferred choice for safe haven investing.

And following the news that a trade war between the US and Mexico could breakout soon to add to the US-China trade tensions, fears are that this could lead to a global economic crisis.

As such, for crypto enthusiasts, it was logical to rally the crypto market as investors trooped in to diversify their capital assets. Nonetheless, the current optimism could change next week with the US Jobs data expected late in the week.

BTC/USD (Bitcoin) Technical Analysis (the 240-min Chart)

Technically, the price of Bitcoin appears to have recently hit the trendline support, which triggered a rebound. And when we plot in Andrews’ pitchfork, the BTC/USD appears to be trading just below the -50% line, which indicates that it is one the extreme bearish side of the pitchfork.

As such, the bulls will target profits at around the $8,932 level while the bears will be hoping for a pullback towards $8,160.

BTC/USD (Bitcoin) Technical Analysis (the Weekly Chart)

When we expand the chart to the weekly view, it begins to form more patterns that suggest the critical $10,000 level is not too far out of reach.

Early this week, the price of bitcoin rallied to trade just below the $9,000 level so, we are within touching distance of the $10,000 level.

In summary, the price of bitcoin has rallied significantly over the last few months and now, levels that looked like a pipedream at the start of the year are beginning to look feasible. It looks like Bitcoin and the entire cryptocurrency industry is back.

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