The Bitcoin (BTC) cost reached a brand-new annual high of $44,490 on December 5.
The high was made above an important long-lasting resistance location, however the BTC rate still has yet to reach a close above it.
Bitcoin Reaches Long-Term Resistance
The weekly timespan chart reveals that the Bitcoin rate has actually increased promptly considering that the middle of October, developing numerous bullish weekly candlesticks.
Today, the Bitcoin rate reached a brand-new annual high of $44,490. The high was made inside an important horizontal and Fib resistance location.
BTC/USD Weekly Chart. Source: TradingView
Market traders frequently utilize the RSI as a momentum indication to recognize overbought or oversold conditions and to choose whether to collect or offer a possession.
Readings above 50 and an upward pattern suggest that bulls still have a benefit, whereas readings listed below 50 recommend the opposite.
The weekly RSI is increasing and is above 50, both favorable indications. The present reading of 80 was last seen in November 2020 (green), preceding the boost to the existing BTC all-time high.
What Do Traders Say?
Cryptocurrency traders and experts on X do not concur about the future BTC pattern.
