After a brief dip on November 16, Bitcoin (BTC) has managed to regain support, currently navigating within a neutral pattern and maintaining its position above a crucial horizontal support zone. The question arises: is a breakout imminent?
The weekly chart for Bitcoin illustrates a rapid upward trajectory over the past five weeks, with BTC reclaiming the $31,000 horizontal territory in early October. Notably, this zone has consistently served as a pivotal support and resistance area since 2011. In November, Bitcoin achieved a new annual peak, reaching $37,978.

Traders keenly observe the Relative Strength Index (RSI) as a momentum indicator to discern overbought or oversold conditions, guiding their decisions to accumulate or sell an asset. A reading above 50, coupled with an upward slope, signals bullish dominance, while a reading below 50 suggests the opposite. Currently, the RSI is on an upward trajectory and positioned above 50, presenting bullish indicators.

Despite historical trends indicating that rallies in Bitcoin hashrate are often succeeded by downturns, the prevailing enthusiasm surrounding the Bitcoin ETF seems to be outweighing such concerns, leading to a recent all-time high in hashrate, as reported by CryptoQuant.
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