The Bitcoin price witnessed a remarkable upswing this week, reaching a pinnacle of $49,000 after the approval of all 11 spot Bitcoin ETF applications.
Despite this surge, Bitcoin’s value has taken a downturn, experiencing a 6% decline in the last 24 hours and currently trading at $45,337. Over the past seven days, there has been a 3.74% increase in its value.
Bitcoin’s dominance has decreased slightly from last week’s 49.1%, fueled by positive news regarding ETF approval. Presently, the market capitalization of Bitcoin stands at $896 billion.
Bitcoin Price Breakout Fuels Momentum
A successful break above the upper boundary of a bullish pennant has marked the recent surge in Bitcoin prices. This development has led to a rapid ascent in prices, covering a distance X, mirroring the pattern observed within the pennant on the chart and propelling BTC to the $49,000 threshold.
However, bulls phased rejection as bears pushed the price down in a subsequent retracement, which could be viewed as a strategic opportunity for bulls to regroup and prepare for another push.
If historical patterns hold, this consolidation phase may act as a launchpad for a subsequent move to catapult the price above the previous high of $49,000.
Bitcoin Price Bulls Eye $49,000 Rebound
Bullish investors are targeting a breakthrough beyond the $49,000 mark, signaling optimism for the near term.
A prevailing bullish sentiment backed by the 50-day and 200-day simple moving averages (SMAs) and the Relative Strength Index (RSI) indicates a sustained uptrend in the market.
Despite a minor decline to 61, the RSI remains above the critical 50 midline level, indicating that the bullish momentum remains strong and the market is not in an oversold condition.
A bullish pennant signals a continuation of the existing upward trend with the potential for a significant price surge. If the bears sustain the momentum, the price could reach the $45,000 level.
