Bitcoin and Ethereum fight to get free

There is a bullish end to the week for the crypto market. The latest rally brings the prices of Bitcoin and Ethereum a weekly plus in the high double digits – and is increasingly offering itself as a hedge against the battered stock markets.

The Bitcoin price is recovering after the initial panic in the market and has risen by over 70 percent in a weekly comparison. BTC is again above the 200-week moving average. The fact that the price has recovered from a support level on its downward channel is good news for the bulls. A weekly close above the moving average should further reinforce the positive trend.

 

Bitcoin price comes back

The Bitcoin price is recovering after the initial panic in the market and has risen by over 70 percent in a weekly comparison. BTC is again above the 200-week moving average. The fact that the price has recovered from a support level on its downward channel is good news for the bulls. A weekly close above the moving average should further reinforce the positive trend.

At the moment, however, Bitcoin is facing massive resistance, which was built in 2017 (at that time still as a support zone) and strengthened at the end of last year. Should the Bitcoin price be able to break through this level, the closest target after the Fibonacci retracement level would be around $ 8,000.