Bitcoin has experienced a modest 2% decline this week, yet there are encouraging signs for bullish sentiment as the price has rebounded from the weekly low of $64,493. Analysts are eyeing the potential trigger of the next Bitcoin halving event, which could ignite renewed momentum in the market. Additionally, the 20-day exponential moving average ($68,049) continues its gradual ascent, suggesting a positive trajectory. The RSI remains positive, indicating a slight advantage for the bulls. Despite these promising indicators, some market participants remain sceptical, particularly regarding the historically erratic price action observed during weekends.
At the time of writing BTC was trading at $69,278.
Bitcoin after making the new all-time high of $73,777 witnessed some profit booking and the prices corrected almost by 17% and dropped to $60,775. The bulls defended the key support level of $60k and the prices rallied back up to the $70k mark. However, the asset is struggling to sustain above the $70k mark. Currently, BTC is consolidating and trading in a range from $64,500 to $71,000 with declining volumes. To further rally, the asset needs to break, close and sustain above the all-time high of $73,777 whereas $60,000 will act as a strong support.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $60,000 | $64,000 | BTC | $73,777 | $83,675 |
