Bitcoin Weekly Chart Flexes Strength—Is The Moonshot Just Getting Started?

Bitcoin is showing strength on its weekly chart, closing above key moving averages with no signs of exhaustion. The current setup suggests the rally might not be over, with momentum indicators favoring the bulls. Bitcoin has closed the week at $105,700, well above its 25-week and 50-week Simple Moving Averages. The Relative Strength Index indicates robust buying momentum without entering overbought territory, and the Moving Average Convergence Divergence remains in positive territory. However, trading volume has softened, reaching only 95,302, significantly lower than the average volume. This drop in market participation raises concerns about the rally's sustainability in the short term. The cryptocurrency is approaching a major resistance level at $111,980, which could be a turning point or prompt a short-term correction. If a pullback occurs, Bitcoin has a comfortable support zone at $49,000. The analyst advises keeping a close eye on these technical levels, as they could dictate Bitcoin's next big move. Overall, the outlook remains upbeat, with the potential for an even bigger breakout.