#MarketDownturn

We are going to conduct a weekly technical analysis of Bitcoin (BTC) based on the most recent information.

Current Price

The current price of Bitcoin is approximately $96,151.64.

Weekly Trend

Weekly Movement: In the last week, Bitcoin has shown an increase of 4.02%.

Technical Indicators:

RSI (Relative Strength Index): The RSI on the weekly chart indicates that Bitcoin is in an overbought zone, which could suggest a possible short-term correction.

Moving Averages: The short-term and long-term moving averages are showing an upward trend, reinforcing the positive long-term outlook.

Key Levels

Resistance: The key resistance level is around $100,000. Breaking this level could lead to new all-time highs.

Support: The support level is around $87,637, providing a cushion in case of a correction.

Conclusion

Bitcoin shows an upward trend on the weekly chart, with technical indicators supporting this outlook. However, it is important to be prepared for possible short-term corrections due to the high volatility of the market.