Bitcoin has clawed back most of its weekly losses after an 11% rally late Thursday, but it is not out of the woods yet, according to chart analysts. "Bitcoin got nicely oversold after slicing through $53,000 [Monday], so a little relief is in order," Ron Ginsberg, a chart analyst at Wolfe Research, told CNBC. It now needs to hold that level on a consecutive weekly closing basis, Fairlead Strategies' Will Tamplin told CNBC. "Our intermediate-term metrics for bitcoin point lower, so we would look for a bounce to give way to a deeper pullback" to near $51,500, he said. "A cyclical uptrend remains in place for bitcoin, although long-term upside momentum behind the uptrend has slowed due to its corrective phase."

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Persons: Bitcoin, Ron Ginsberg, Ginsberg, Will Tamplin Organizations: Metrics, Wolfe Research, CNBC