BTC/USD - Weekly Overview

The world’s largest cryptocurrency has maintained its positive momentum since the start of the year and generated approximately 36.83% YTD returns.
On the chart, two areas are marked representing the resistance zone and sustainability zone, respectively. The current price action of BTC suggests that it will be targeting a positive breakout above the resistance zone placed above the 0.786 FIB level.

However, the bullish engulfing candle which led to the breakout above 0.618 FIB level suggests that Bitcoin needs to spend some time in the sustainability region to formulate potential support zones. Having another bullish momentum on the current build-up might lead to volatile profit booking momentum which might deteriorate previously gained returns.

The technical indicators including MACD and RSI are sustaining on bullish levels as RSI is in the overbought region for most of 2023. The MACD continues to form green bars on the histogram.
Overall, the resistance level for BTC will be at $23K and $25K. Whereas, if profit booking momentum comes into action, support levels can be placed at $21K and $20K.


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