BTC has seen a gradual upward movement over the weekend, signalling sustained interest from bullish investors. Robust buying at lower price levels has halted the descent in Bitcoin’s value, but the initiation of a new bullish trend appears unlikely in the immediate future. Bitcoin might undergo a phase of consolidation, with market participants closely monitoring the capital inflows into recently introduced Bitcoin ETFs and anticipating the forthcoming Bitcoin halving in April. If Bitcoin establishes a trading range, it would be interpreted positively, suggesting that traders are not rushing to secure profits, indicating an expectation of a sustained uptrend. This development could also bode well for specific altcoins, attracting investor attention and resuming their upward trajectory.
At the time of writing BTC was trading at $42,463.
BITCOIN after giving a breakout above the key resistance of $28,500 witnessed a sharp rally and the prices surged almost by 71.8% and made the high of $48,969. Post this move, the asset made a ‘Shooting Star’ candle at the high and failed to give a daily closing above the key resistance of $48,000. The prices corrected almost by 21% and dropped to $38,555. The asset did not give a weekly closing below the key support level of $40,000 and the lower longer shadow around $40k indicates buying around these levels. BTC has a strong support at $40,000 and to further rally it needs to close and sustain above $48,000.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $36,000 | $40,000 | BTC | $44,500 | $48,000 |
