Steering clear of the first major support level at $33,813 and the 23.6% FIB of $33,008, Bitcoin rallied to a Sunday intraweek high and a new swing hi $49,659.0.
Bitcoin broke through the first major resistance level at $42,380 and the second major resistance level at $45,924.
Falling short of $50,000 levels, however, Bitcoin ease back to end the week at sub-$49,000 levels.
4 days in the green that included a 19.59% rally on Monday delivered the upside for the week.
For the week ahead
Bitcoin would need to avoid a fall through the $45,397 pivot to support a run the first major resistance level at $52,846.
Support from the broader market would be needed for Bitcoin to break out from 14th January’s swing hi $49,659.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $57,109.
Failure to avoid a fall through the $45,397 pivot would bring the first major support level at $41,134 into play.
Barring an extended sell-off, Bitcoin should steer clear of sub-$40,000 and the 23.6% FIB of $38,338. The second major support level sits at $33,685.
At the time of writing, Bitcoin was down by 3.40% to $46,932.0. A mixed start to the week saw Bitcoin rise to an early Monday high $48,959.0 before sliding to a low $45,730.5.
Bitcoin left the major support and resistance levels untested at the start of the week.