The week is off to a good start for the king of cryptocurrencies. In fact, the Bitcoin price rises by 6.5% in 24 hours. BTC is now up 6% in a week:
The price shows an increase of 15% in one month, and of 65% in three months. Against Ethereum, BTC climbs 2.4% in 24 hours, and almost 4% in one month. As an answer regarding a spot Bitcoin ETF approaches, BTC is regaining strength.
TOWARDS A BITCOIN BEYOND $50,000?
The year 2023 ended very well for BTC which showed an increase of 155% in the space of 12 months. Weekly, buyers defended the support level at $41,500:
The price is heading towards the next resistance located at $47,000. At the resistance level, the price could slow down. However, if the level gives way, BTC could then head towards the next resistance located at $51,000. In this case, we could find BTC above the psychological round number of $50,000.
The RSI is still bullish at the moment, it continues to show ascending lows and highs. On the other hand, the price has just marked a new high, but not the RSI. So, if the trend continues, a bearish divergence could take place. This would indicate that buyers are running out of steam.
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