📊 WEEKLY ANALYSIS OF BITCOIN
Last week Bitcoin rose by +4% and closed at $84,445, marking the highest weekly close in the last 8 months and the second consecutive one above the 50-period weekly moving average (50 MA). 📈
How did BTC go from $57,000 to $87,000? 🤔
Over 11 weeks, BTC was testing the 200-week MA, which acted as solid support. During that period, the MACD indicator confirmed a bullish crossover, the RSI showed bullish divergence, and momentum started turning in favor of the bulls.
Afterward, BTC broke strongly above $67,000 and, over the next 4 weeks, consolidated by testing the 50-week MA, reinforcing $75,000 as a key support level.
Once Bitcoin confirmed a weekly close above the 50-week MA, a new wave of buying pushed the price above $86,000. 🚀
The macro front also supports the move: 🌐
• The Manufacturing Activity Index (ISM) reached 55.6, its highest level in 4 years.
• The Russell 2000 index hit a new all-time high (ATH).
• Core inflation fell to its lowest level in 5 years.
📍Key levels:
• 🛡Support: Weekly 50 MA at $77,670 | Daily 200 MA at $71,100.
• 🎯Resistance: Range of $87,000 – $98,000.
🗓Important events this week:
• Thursday: Economic activity data (ISM).
• Friday: Official employment report (NFP).
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