Bitcoin Weekly Technical overview

• Bitcoin’s Market Adjustment: Bitcoin’s recent break above previous all-time highs was accompanied by a wave of profit taking, with the cryptocurrency undergoing a significant correction, dropping nearly 15% after meeting resistance. This decline marked a shift in market dynamics, introducing a bearish trend in the short term.
• Short-Term Dynamics Shift: The inability to remain above the $68,000 mark has notably impacted Bitcoin’s market behavior, signaling a move towards bearish momentum and initiating a corrective phase.
• Resistance and Bearish Outlook: The established resistance at $68,000 has solidified a bearish outlook, with the market likely to maintain this stance unless it can breach this threshold.
• RSI Indications: While daily charts have seen some relief from overbought conditions due to the correction, weekly charts continue to show overbought signals according to the Relative Strength Index (RSI), suggesting the potential for a further decline.
• Critical Support Level: A key support level at $59,000, instrumental in triggering a significant recovery during the March 5th dip, is now in focus. This level, reinforced by the daily exponential moving average channel, is considered a critical pivot level for Bitcoin’s medium-term direction.
• Market Watch on $59,000 Support: Traders are closely monitoring this pivotal support for signs of a bullish reversal, which could alter the short-term market trend. While Bitcoin remains above $59,000, it is still viewed as being in a strong uptrend on the daily timeframe.
• Potential for Extended Correction: A break below the $59,000 support level could signal a more extensive weekly correction, with eyes then turning to the next significant support region around $50,000. The $50,000 level not only represents the January high, post-ETF approval, but also serves as a crucial psychological barrier for market participants.
  

BTCUSD Daily Chart

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