BTC/USDT ~ Weekly Overview

Last week was highly anticipated for Bitcoin (BTC) enthusiasts, as it saw the price surge above levels not seen in over a year.

This bullish momentum, breaking through the $35,000 mark, is largely attributed to the growing optimism surrounding the potential approval of a Bitcoin Spot ETF by the SEC.

Taking a look at the moving averages, the MA-20 (in red) has shown significant strength compared to the MA-50 (in orange) and has managed to avoid any negative trends this month. This suggests a positive sentiment for the world's largest digital asset.

On the technical front, the RSI (Relative Strength Index) is poised for a potential move into the overbought territory. This might lead to profit-taking as BTC could reach new yearly highs once again.

Overall, the next targets for BTC can be placed at $36,000 and $38,000, respectively. In case of profit booking momentum, support levels can be placed at $33,000 and $30,000, respectively.
Chart PatternsTechnical IndicatorsTrend Analysis

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