BTC/USD - Weekly Overview

Bitcoin started 2023 on a positive note as the price level formed a rising channel pattern on the chart. Considering moving averages, MA-10 is trading above both MA-20 and MA-50, which is again a positive sign for the world’s largest cryptocurrency.

The RSI level is also showcasing an extremely positive nature with a breakout to the overbought region. At the same time, this may also suggest that we can witness a profit-booking momentum for BTC in the near term with the level exhausted at 77.91.

Overall, BTC is yet to break above the crucial resistance levels of $18K and $20K, respectively. In case of a turn of events, it can have support at $16K and $15K, respectively.


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