Steering clear of the first major support level at $ 18,053, Bitcoin rose to Sunday’s intraweek peak and a new swing hiked $ 24,244.0.
Bitcoin burst through the week’s major resistance levels en route to an all-new peak.
A bearish end to the week, Bitcoin saw a fall back to the end of the week at sub $ 23,500 levels. Despite the downside, however, Bitcoin managed to avoid falling back through the third major level of resistance at $ 22,418.
6 days in the green which included a 9.55% rally on Wednesday and a 6.89% win on Thursday achieved the upside.
For the week ahead
Bitcoin would need to avoid falling through a $ 22,186 punch to support the run of the first major resistance level at $ 25,364.
Support from the wider market would be needed for Bitcoin to break through to $ 25,000 levels.
With the exception of an extended crypto rally, the first major resistance level and the resistance at $ 25,500 would likely cap any upside.
In the event of another breach, Bitcoin could experience resistance at $ 28,000 before any withdrawal. The second major resistance level is $ 27,301.
Failing to avoid a fall through the $ 22,186 pivot would bring in the first major support level at $ 20,249.
With the exception of other extended sales, however, Bitcoin should stay clear of sub-$ 20,000 support levels and the 23.6% FIB of $ 19,374. The second major support level is $ 17,071.
At the time of writing, Bitcoin was up 1.02% to $ 23,666.0. A mixed start to the week on Monday saw Bitcoin slump to a low early morning of $ 23,280.0 before hitting a high of $ 23,693.0.
Bitcoin left the large levels of support and resistance untested at the beginning of the week.