The eight-week winning streak for BTC appears to be coming to an end as the price has dipped nearly 4% this week. While this recent weakness suggests profit-booking by traders, it does not alter the short-term uptrend. The pullback is viewed as a corrective measure, alleviating any excessive market exuberance that may have accumulated. Furthermore, the recent wave of Bitcoin Ordinals inscriptions has resulted in elevated transaction fees for all network users. This development indicates increased mining revenue, encompassing block subsidies and fees in USD. Notably, these revenue levels mirror those observed when Bitcoin reached its current all-time high of $69,000 in November 2021.
At the time of writing, BTC was trading at $40,958.
Bitcoin, after giving a breakout above the key resistance of $28,500 witnessed a sharp rally and the prices surged almost by 56.5% up to $44,700. Post this move, the asset saw some profit booking at higher levels and the prices dropped to $40,222. Currently, BTC is consolidating and trading from $40,500 to $43,000. The asset has strong support at the psychological level of $40,000. If it holds and sustains above the support then we may expect the bulls to resume the up move. $48,000 will act as a strong resistance for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $36,000 | $40,000 | BTC | $44,500 | $48,000 |
