Hello everyone and welcome to everyone at Tron Fan Club. 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. This week, 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 80700$ 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 broke through the resistance level of 80700$. Due to break-out, BTC went up to the sub 89650$ level, which was clearly a strong resistance zone.
After the quick upward movement, BTC sliced through the next resistance also, making a new ATH. After that, BTC started going up quickly. It followed a bullish trendline as it went up. Recently it got rejected at 93200$. It is now below the trendline, which needs to be held on. It also needs to break through the resistance ahead. It is now at 89800$. This is ultimately a 11.1% 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.
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