Current price: approximately $93,500.
This week's news:
* Notable increase: Bitcoin saw a notable increase this week, rising by more than 9% and reaching its highest level in 6 weeks near $94,000.
* ETFs: Spot ETFs in the United States continued to attract significant inflows of Bitcoin, further boosting the price rise.
* Easing trade tensions: The Trump administration's retreat from some of its hardline positions on trade tariffs with China has contributed to boosting investor sentiment and increasing demand for riskier assets like Bitcoin.
* Positive statements: The CEO of BlockStream, Adam Back, predicted that the price of Bitcoin could reach at least $500,000, possibly $1,000,000 during the current market cycle, noting that a price of $100,000 would be a bargain.
* Increasing institutional interest: There has been increasing institutional interest in Bitcoin, with an executive at Coinbase stating that sovereign wealth funds have begun buying and holding Bitcoin.
This week's analysis:
* Breakthrough of resistance level: Bitcoin managed to break through the key resistance level at $90,000, indicating the strength of the upward trend.
* Positive technical indicators: Several technical indicators suggest that the upward momentum may continue in the short term, with the Relative Strength Index (RSI) in the overbought territory.
* Support and resistance levels: The $91,660 level is considered an important support level, while the next resistance level is around $93,917. Breaking this level could push the price toward higher levels.
* Profit-taking warnings: Despite the positive outlook, some analysts are warning of potential profit-taking after the strong rally, which could lead to a short-term price correction.
This week's forecast:
* Forecasts suggest that Bitcoin may continue its ascent to test higher resistance levels near $95,000 - $98,000 if the current momentum persists.
* Conversely, failure of the price to hold above the $90,000 level may lead to selling and a pullback towards lower support levels.
Summary:
This week appears to have been very positive for Bitcoin, supported by strong inflows into ETFs, easing trade tensions, and positive statements from prominent industry figures. However, traders should exercise caution and monitor key support and resistance levels in anticipation of potential market volatility.
