The Bitcoin (BTC) price reached a new yearly high of $52,800 on February 15 but has fallen slightly since.

Nevertheless, BTC regained its footing on February 15 and is approaching its yearly high. Will it break out?

Bitcoin Closes Above $50,000

The weekly time frame outlook shows the BTC price has increased since the start of 2023. The upward movement accelerated in October, leading to a high of $49,050 in January 2024. 

The BTC price fell afterward, validating the 0.618 Fib retracement level as resistance (red icon) and leading to a decrease to $38,500.

However, the Bitcoin price regained footing and has created four weekly bullish candlesticks. This culminated with a Bitcoin weekly close of $52,900 last week, the highest since 2021. 

Despite the bullish price action, the weekly

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Author: Valdrin Tahiri

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