BitcoinLong
BTC/USD Eyeing All-Time Highs
Boosted on the back of record net inflows for spot Bitcoin Exchange-Traded Funds (ETFs) and driven by the anticipation of the upcoming Bitcoin halving, week-to-date has seen BTC/USD advance +24.0% (its largest one-week gain since 2021).
What’s technically interesting about the major crypto pairing, however, is that the all-time high (ATH) of $68,986 is now within striking distance. The only ceiling standing in its way of challenging and potentially refreshing ATHs is resistance on the weekly timeframe between $66,906 and $64,900. This is a substantial resistance zone, essentially made up of what are often referred to as Quasimodo resistance levels. Another technical observation worth highlighting is that the Relative Strength Index (RSI) is also seen fast approaching indicator resistance at 83.18, a level extended from as far back as early 2021.
Overall, this clearly remains a buyers’ market; however, the noted resistance could prove enough to slow down the current momentum and is worth monitoring for those holding long positions in this market.
What’s technically interesting about the major crypto pairing, however, is that the all-time high (ATH) of $68,986 is now within striking distance. The only ceiling standing in its way of challenging and potentially refreshing ATHs is resistance on the weekly timeframe between $66,906 and $64,900. This is a substantial resistance zone, essentially made up of what are often referred to as Quasimodo resistance levels. Another technical observation worth highlighting is that the Relative Strength Index (RSI) is also seen fast approaching indicator resistance at 83.18, a level extended from as far back as early 2021.
Overall, this clearly remains a buyers’ market; however, the noted resistance could prove enough to slow down the current momentum and is worth monitoring for those holding long positions in this market.
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