Bitcoin Price Reaches Highest Weekly Close in Over Two Years
Bitcoin price achieved its highest weekly close in more than two years, but faced resistance at $48,800 and was pushed below $48,000. However, there is optimism for a potential pre-halving rally that could push BTC above $50,000.
To confirm this bullish outlook, traders are looking for a four-hour close above the important level of $48,500. The interest in BTC ETFs remains high, with significant net inflows recorded recently.
Bitcoin Faces Potential Double-Top Pattern on Weekly Chart
Although there is a possibility of a minor correction in Bitcoin price, the path of least resistance is to the upside based on the Moving Average Convergence Divergence (MACD) indicator. A daily close above $48,800 could further support the uptrend and build confidence for a breakout above $50,000.
On-chain data shows that investors have been cashing out for short-term profits, with over $4 billion transferred to exchanges. However, whether Bitcoin has started the pre-halving rally or not is yet to be seen.
The Next Few Days Are Crucial for Bitcoin’s Short-Term Outlook
The next few days will be crucial for Bitcoin as it tries to break above $50,000 and maintain a bullish structure. If resistance at $48,000 holds, a correction to support levels at $46,000, $44,000, and $40,000 may occur before a major breakout.
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