Bitcoin Price Posts Biggest Quarterly Gain Since Late 2017

View Bitcoin closed the first quarter of 2017 with 10.91 percent gains - the biggest quarterly gain since the fourth quarter of 2017.

Bitcoin's short-term outlook remains bullish as Friday's close above $4,055 bolstered the bullish setup on the daily chart.

Bitcoin made double-digit gains in the first three months of 2019, marking its best quarterly performance since Q4 2017.

That is the first double-digit quarterly gain since the final three months of 2017 when prices had rallied a staggering 220.84 percent.

Further, a closer look at the monthly price action indicates the cryptocurrency is likely making a slow transition from a bearish to a bullish market.

BTC established a bullish higher low near $3,300 on the weekly chart in the first week of February and jumped to a high of $4,190 on Feb. 24.

BTC had charted its way back to $4,100 by the end of March with multiple bullish higher lows along the 30-day moving average.

As seen on the weekly chart, BTC created a bullish engulfing candle last week, reinforcing the bullish view put forward by the ascending 5- and 10-week moving averages.

On the daily chart, BTC created a bullish higher low along the 30-day MA on March 25 and closed well above $4,055 on Friday.

There is merit in being cautious, as the cryptocurrency created a doji candle on Saturday - a sign of bullish exhaustion - and so far, the cryptocurrency has struggled to find acceptance above $4,130.