Bitcoin’s recent rally has encountered a formidable obstacle at the $48,970 resistance level, setting the stage for a fierce battle between bullish and bearish forces. The broader market landscape reflects a bullish fervour, with risky assets experiencing a sustained uptrend. The S&P 500 Index, for instance, has notched five consecutive weeks of gains, mirroring Bitcoin’s robust performance which surged over 13% this week alone, signalling aggressive buying activity among investors. The total assets under management for these ETFs have skyrocketed to $10 billion, reflecting growing confidence in Bitcoin’s investment potential.
At the time of writing BTC was trading at $48,216.
After giving a breakout above the key resistance of $28,500, Bitcoin witnessed a sharp rally and the prices surged almost by 71.5% and made the high of $48,969. The asset failed to give a daily closing above the key resistance of $48,000 and saw some profit booking and the prices dropped to $38,555. Post this move BTC made a ‘hammer’ candle and started moving up by forming a ‘Higher Higher Higher Low’ pattern up to $48,826. However, the bulls are struggling to break the recent high of $48,969. If BTC holds and sustains above $48,000 and breaks the recent high then it may further surge up to $52,000.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $36,000 | $40,000 | BTC | $48,000 | $52,000 |
