Bitcoin’s price has expanded considerably throughout the past week, charting an increase of around 15%.

We take a look at some of the important technical levels and whether or not the rally has any future potential.

By Shayan

Recently, Bitcoin made a decisive breakout above the crucial 100 and 200-day moving averages and surpassed its yearly high at $32K, reinstating bullish sentiment in the market. Currently, Bitcoin faces a significant resistance region, suggesting the possibility of a temporary correction.

The Daily Chart

Analyzing the daily chart, Bitcoin displayed a noteworthy upward move following its breakthrough above the critical resistance at $27K, which was indicated by the convergence of the 100 and 200-day moving averages.

The impressive surge continued, ultimately breaching the $32K resistance, a price point that aligns with Bitcoin’s peak in 2023. Subsequently, market participants drove Bitcoin’s value closer to a significant resistance region at $35K, distinguished by the 0.5 and 0.618 Fibonacci levels, establishing a new yearly high.

In the event that buyers effectively secure this pivotal level, it has the potential to pave the way for an optimistic mid-term trend, with higher resistance zones as possible targets. Conversely, should there be a setback or rejection, Bitcoin could potentially enter a phase of consolidation correction characterized by heightened market volatility.

On the 4-hour chart, Bitcoin’s price experienced an extended period of consolidation, fluctuating in the range between the $25K and $32K levels. Subsequently, there was a solid upward momentum that propelled the price beyond the upper threshold of the range, establishing a new yearly peak at $35K.

However, the price currently encounters significant resistance at $35K, marked by substantial Bitcoin supply. This resistance could temporarily slow down the upward trend and potentially trigger a corrective phase. In this scenario, the followi