BTC/USD - Weekly Overview

Bitcoin faced significant resistance from the crucial psychological mark of $25K during the past week. Due to the pullback by the resistance mark, its weekly performance is facing a loss of approximately 6.00%.

MA-10 has faced multiple negative crossovers against both MA-20 and MA-50, respectively. It suggests that BTC is again entering into bearish sentiment.

However, on the Fibonacci retracement table, the level of 0.786 FIB level is proving to be a strong support level for the world’s largest digital asset.

Considering technical indicators, the RSI level has formed a falling channel pattern and looking vulnerable to a breakout to the oversold region. The MACD level has also faced a bearish crossover and currently forming red bars on the histogram.

Overall, the resistance level of $25K and $27K will play a crucial role for BTC this week. However, if the pullback continues, it can find support at $22K and $20K.


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