Bitcoin continues its uptrend for the 5th consecutive week, the bulls overall dominated the whole crypto ecosystem as the combined market capitalization reached more than $2.2 Trillion. BTC witnessed a volatile last week as it made a low of $43,955 but strong buying pressure pushed the price to $49,821. At the time of writing, BTC has been trading slightly above $50,100.
Currently, BTC has been trading in a crucial range of $50-51K as it can act psychologically. BTC has now appreciated by more than 70% from its July lows which mildly depicts a cooldown phase or a consolidation phase in the coming days. However, weekly RSI is still not in the overbought zone which suggests that this rally can continue.
On the higher side, BTC has a stiff resistance in the range of 50.5K to 51K, if it decisively breaks this range, the next potential target would be 53K followed by 55.5K. On the lower side, the nearest support is present at 48.5K, followed by 47K.
Weekly MACD is also entering into the positive zone which depicts that buying momentum should continue in the coming weeks, but a daily closing above the level of 50.5K will act as a confirmation to go Long.