Bitcoin price near $16,000 on strong bullish momentum

Bitcoin gained more than 12% in the 24-hour period and held well above $15,700 in Friday's Asian trading. The coin approached $16,000. For the week, Bitcoin accumulated a 17% gain, adding roughly $2,000 against the dollar. Skew Analytics estimated a 14% probability of BTC/USD reaching $20,000 by year-end at current price levels. A month earlier, when Bitcoin traded in the mid-10,000s, analysts had put the odds of revisiting the 2017 all-time high before December at around 80%.

The RSI indicator sat above 80, showing overbought conditions on shorter timeframes. Yet buying interest persisted. Unique addresses holding 100 to 1,000 coins grew to 13,990 wallets, showing sustained buying from mid-tier holders. This demand had broken through the $12,000 resistance that had capped Bitcoin for months.

On the weekly chart, Bitcoin printed higher highs and appeared set for more gains into the weekend. A daily close above current levels would suggest another leg higher on the weekly chart, potentially opening the door to new all-time highs. Support rested at the 100-hour simple moving average near $14,111. Below that, the 100-SMA on the 4-hour chart at $13,433 provided the next level of defense.