After creating a new all-time high in March 2024, Bitcoin has been consolidating for a long time. Hence, we witnessed downtrend in the last months with some exceptions. But, last month, we saw, BTC break the historical resistance and make a new All Time High. Today we will look at the price movements of BTC and reflect on where it could go next.
Last week, the King of Cryptocurrencies, BTC was hovering above the 96000$ level. BTC was on uptrend for weeks. At the start of the week, BTC started fluctuating and with that movement it continued to climb the bullish trendline. In the middle of the week, a fall happened. Due the fall, BTC went down to the sub 94000$ level, which was clearly a strong support zone.
After the quick bounce movement, BTC broke through the bearish trendline and new resistance easily and even went up to the level of 98400$. Unfortunately BTC got rejected at that level and quickly got down. It is now above the support level of 97000$. It also needs to break through the resistance ahead. It is now at 97100$. This is ultimately a 0.77% gain in value over a time span of seven days.
All Screenshots are taken from Coingecko
No words from this article should be taken as financial advice.
0.000 SRY