During the previous week there has been a final break of the $43K level, where the coin spent several last week’s, testing it. A large portion of new funds came through demand from exchange traded funds. As analysts are reporting, these accounted for more than $400 million. Also, as fundamental data for the US economy are showing promising results of a potential for a Fed's rate cut in the coming period, investors' confidence for riskier assets was boosted, requesting higher returns on their funds. Due to this fact, not only Bitcoin gained during the week, but also the majority of other altcoins.
Bitcoin started the previous week by testing a short term resistance line at $43K. The price started its breakthrough on Wednesday, while as of the end of the week, the price reached its highest weekly level at $48.197. BTC is ending the week around $47K. It should be mentioned that BTC`s highest price reached on 11th January was $48.711, which the coin did not manage to reach on this occasion. The RSI reached the level of 71, which is in range of the overbought market, and implies a potential for a short term reversal. Moving average of 50 days slowed down its divergence from MA200 for the last two weeks, however, there is still difference between lines, in which sense, the cross is not in store.
The resistance line at $45K has been clearly and quite easily broken during the previous week. A strong demand pushed the price toward the next short term stop at $ 48K, which is the half of the road toward the $50K resistance. Still, it should not be neglected that the $45K level has not been clearly tested, which leaves some space for BTC to do it in the week ahead. This is also supported through RSI, who reached a clear overbought side. On the opposite side, if demand for BTC remains strong, there is some probability that the price could head toward the $50K, but only after clearly testing the $ 48K, short term stop.
Bitcoin started the previous week by testing a short term resistance line at $43K. The price started its breakthrough on Wednesday, while as of the end of the week, the price reached its highest weekly level at $48.197. BTC is ending the week around $47K. It should be mentioned that BTC`s highest price reached on 11th January was $48.711, which the coin did not manage to reach on this occasion. The RSI reached the level of 71, which is in range of the overbought market, and implies a potential for a short term reversal. Moving average of 50 days slowed down its divergence from MA200 for the last two weeks, however, there is still difference between lines, in which sense, the cross is not in store.
The resistance line at $45K has been clearly and quite easily broken during the previous week. A strong demand pushed the price toward the next short term stop at $ 48K, which is the half of the road toward the $50K resistance. Still, it should not be neglected that the $45K level has not been clearly tested, which leaves some space for BTC to do it in the week ahead. This is also supported through RSI, who reached a clear overbought side. On the opposite side, if demand for BTC remains strong, there is some probability that the price could head toward the $50K, but only after clearly testing the $ 48K, short term stop.
