BTC/USDT ~ Weekly Overview

Bitcoin's recent performance has been nothing short of spectacular, marking its most bullish week of the year with a 12% surge. This rally shattered the previous consolidation zone, propelling prices beyond the 42K-$43.5K range. The cryptocurrency didn't stop there; it soared past critical thresholds on the Fibonacci retracement chart, signalling the strength of this bullish trend. This momentum is underpinned by a significant increase in the cumulative volume of Bitcoin spot ETFs, now exceeding $35 billion, highlighting growing investor confidence.

Looking ahead, Bitcoin is poised to challenge the 49K mark, driven by current market optimism. Yet, the RSI indicator, at 54.90, hints at a potential price correction with its falling channel pattern, suggesting investors should tread carefully. To preserve its recent gains, Bitcoin must sustain above the $48,000 level, supported by the EMA-20, while the EMA-50 at $47,500 serves as a pivotal support zone.

In the bullish scenario, targets are set at 49K and $51K. Conversely, should the bears regain control, support levels are thoughtfully placed at $47K and $45K, ready to cushion any downward movements.