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