A comprehensive analysis of the weekly chart highlights Bitcoin’s remarkable upward trajectory, fueled by growing interest and optimism among market participants. The recent surge, propelled in part by the approval of spot Bitcoin ETFs, has seen the price surpass several critical resistance levels, edging closer to the pivotal all-time high of $69K.
Despite this upward momentum, the $69K mark looms as a significant resistance area characterized by a substantial supply overhang.
As participants seek to capitalize on profits, heightened selling pressure may emerge, potentially triggering a temporary market reversal. Should a retracement occur, Bitcoin’s primary target on the weekly chart would be the significant support zone around $48K, aligned with the 100-day moving average. Nonetheless, the broader outlook suggests Bitcoin is poised to extend its bullish trajectory, eyeing new all-time highs in 2024.
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