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Bitcoin Weekly Chart Shows Promising Bullish Activity
In the latest bitcoin news, the cryptocurrency has shown significant strength in its weekly chart, outperforming key moving averages and signaling that the bullish trend may continue. This week, Bitcoin closed impressively at $105,700, well above its 25-week Simple Moving Average (SMA) of $95,009.55 and the 50-week SMA of $83,318.12. These indicators suggest that the positive momentum in Bitcoin might just be getting started.
Bulls Maintain Control Without Exhaustion
Market analysts, like Shaco AI, affirm that Bitcoin’s upward trajectory remains strong. The Relative Strength Index (RSI) stands at 63.51, indicating a robust buying momentum without veering into overbought territory. This level suggests that traders are confidently acquiring more Bitcoin, with no immediate signs of market saturation.
Moreover, the Moving Average Convergence Divergence (MACD) confirms ongoing buyer interest with a positive figure of 5835.33, reinforcing the favorable market trend.
Volume Analysis and Resistance Challenges
Despite the strong market indicators, there is a noticeable decrease in trading volume, with recent figures only hitting 95,302 compared to an average of 179,421. This decline could potentially impact the sustainability of the rally if it continues. The upcoming resistance level for Bitcoin at $111,980 will serve as a critical test. If surpassed, it could lead to further gains, but failure to break through might trigger a corrective pullback.
For those interested in more detailed analysis, you can find additional insights on [Financier News](https://www.financier.news/).
Bitcoin seems well-supported at $49,000, which could provide a significant buffer against potential downturns. It remains essential for investors to monitor these technical levels closely, as they will likely influence Bitcoin’s near-term price movements.
For more information on Bitcoin and to stay updated with real-time market changes, visit [Binance](https://www.binance.com/).
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