Last week, the Bitcoin (BTC) price ended its streak of eight successive bullish candlesticks.

The decrease took the BTC price below a pivotal horizontal and Fib resistance area. Will BTC manage to reclaim it?

Bitcoin Fails to Close Above Resistance

The weekly time frame technical analysis shows that the Bitcoin price has increased rapidly since October. Bitcoin reached a new yearly high of $44,730 during the upward movement last week.

At the time, the Bitcoin price had created eight successive bullish weekly candlesticks, leading to an increase above a pivotal horizontal and Fib resistance area.

However, the BTC price fell last week, creating the first bearish weekly candlestick since the upward movement began. This took Bitcoin below its major resistance, suggesting that the breakout was a deviation.

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Author: Valdrin Tahiri

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