The crypto markets witnessed a profit booking towards the end of last week, with the flagship coin BTC getting dipped by ~4%. BTC managed to close the week in green and closed the week with 3.47% gains and even made a new ATH of $69,000. The sell-off is mostly triggered by the fears of earlier Federal Reserve Interest rate hikes which overshadowed the awaited Taproot upgrade.
BTC started the new week with mild gains of 0.41% and at the time of writing, BTC is trading slightly above $65,500. The past week’s closing of $65,505 is the highest in terms of weekly closing. On the higher side, BTC has strong resistance placed at $67,000 once this level is breached the next potential hurdle is present at $69,000 followed by $71,000.
With the trend going higher, the support levels have been also shifting higher with the nearest support level present at $62,500 followed by the support presented by 50-DEMA which is placed at $59,300.
The overall trend is quite bullish at the moment but on the contrary side, weekly RSI is showing divergence with the price and minor corrections or cooldown periods can be expected on the way up, but these corrections should be considered as buying opportunities.