Bitcoin (BTC)

Bitcoin (BTC) has shown a bullish trend in its recent weekly price analysis, continuing to find strong support above the $70,000 mark. This solid base sets the stage for an expected rise to the $75,000 resistance level ahead of Bitcoin’s halving. Currently, Bitcoin price is trading at $68,000 after a slight increase from the $70,805 level. The Bitcoin market cap has crossed the $1.3 trillion mark. Last week, Bitcoin’s value rose by more than 5%, indicating strong positive momentum in the market.

Technical indicators further reinforce the bullish outlook for the Bitcoin/USD pair, with most indicating a buy. The relative strength index (RSI) is recording an above-average reading, reflecting strong buying pressure within the market.

Additionally, the moving average convergence divergence (MACD) indicator has experienced a bullish crossover, indicating the potential start of a new bull phase. The 20-SMA and 50-SMA underscore this bullish trend, with the 20-SMA providing strong support to Bitcoin’s price.