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 below the 90000$ level. BTC was on downtrend for weeks. We saw a reversal this week. In this weeks, BTC started going up from the first day. At the start of the week, BTC started its journey to break 100000$, and became successful easily. Eventually it broke out later. Due to break-out, BTC went up to the sub 109000$ level, which was clearly a strong resistance zone.
After the quick upward movement, BTC got rejected at the next resistance, making a short fall. After that, BTC started fluctuating. It followed a bullish trendline as it went up. It is now below that trendline, which needs to be regained on. It also needs to break through the resistance ahead. It is now at 101500$. This is ultimately a 12.7% 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