BTC technical analysis on Weekly time frame - LONG TERM SWINGBitcoin has recently pumped above crucial resistance levels, signaling renewed bullish sentiment across the market.
The broader cryptocurrency market sentiment remains positive, with increasing institutional interest and adoption driving prices higher.
Key Support Levels:
Strong support is established around the $25,000 level. This area has previously acted as a crucial reversal zone.
A successful bounce off this support could present a compelling entry for long positions.
Moving Averages:
The 50-day and 200-day Simple Moving Averages (SMAs) are both trending upward. BTC trading above both averages confirms a bullish market structure and signifies potential for sustained upward movement.
Momentum Indicators:
The Relative Strength Index (RSI) is currently moving upward, indicating bullish momentum; levels remain below the overbought territory, providing room for further price growth.
The Moving Average Convergence Divergence (MACD) histogram shows positive momentum, and the MACD line is above the signal line, supporting the long bias.
Volume Analysis:
Recent trading volumes have increased alongside price action, signaling strong buying interest and confirming that the bullish trend is supported by market participation.
