Bitcoin (BTC) has witnessed a surge this week, reversing the bearish trend of the past two weeks. According to the latest data, Bitcoin is currently trading at $69,975.37, up 9% over the past seven days, although slightly up by 0.05% in the last 24 hours as of writing.

BTC Data Chart (CoinMarketCap)

With a market capitalization of over $1.37 trillion, Bitcoin reigns supreme as the number one cryptocurrency. Its 24-hour trading volume stands at $23.9 billion. The circulating supply of Bitcoin is currently 19,668,268 BTC, close to the total supply, which is at 21,000,000 BTC.

Weekly Technical Analysis: Bullish Momentum Regains Strength

Bitcoin’s price action has been a rough ride in recent weeks. After reaching an all-time high of $73,835, the cryptocurrency encountered bearish momentum, with the previous two weekly candlesticks closing bearish. However, the formation of a Hammer candlestick pattern last week signaled a potential bullish reversal, and this week’s price action has confirmed the resurgence of bullish momentum.

The current weekly candlestick is poised to close in a bullish manner, marking a challenging period for short-term traders. Resistance levels are identified at the recent all-time highs, while support is noted at the $60,771 zone which is the current week low, or the ascending trendline just below it if it breaks the low. The upcoming weekly close will provide crucial insights for BTC price movements in the next few weeks before halving.

Daily Technical Outlook: Bearish Trend Persists, but Bullish Potential Looms

Bitcoin’s bearish trend is still apparent after closing bearishly yesterday, 29th March 2024, with prices experiencing downward pressure today. However, there is potential for a retest of the resistance level that turned into support after a successful breakout at the $68,750 zone.

BTCUSD Daily Chart (TradingView)

The daily candlestick has opened at $69,903, with highs reaching $70,363 as of writing. If bearish sentiment continues to dominate and bulls fail to take control, prices may once again retest support levels at the $68,750 zone. The Relative Strength Index (RSI) indicator currently stands at 58, reflecting a neutral sentiment among traders.

4-Hour Analysis: Resistance Encountered, Potential Bullish Flag Formation

Bitcoin has recently encountered resistance at the recent high of the $71,789 zone and has since then traded with potential towards the support at the $68,750 zone. 

Technically, BTC Forms a bullish flag and the price has traded today with respect to the bullish flag support close to the  $68,750 zone. 

BTCUSD 4-Hour Chart (TradingView)

If bulls manage to push further after testing the support level, a rally toward the $73,893 zone and beyond is looming. The RSI stands at around 54, indicating a balanced market sentiment.

However, if bears gain more momentum at the support level and break it, a move towards a retest of the descending trendline is possible, keeping in mind the anticipated Bitcoin halving event.

Bitcoin Halving: A Potential Catalyst for a Massive Bull Run

The next Bitcoin halving, a highly anticipated event in the cryptocurrency world, is 20 days away. During a halving event, the reward for mining new blocks is reduced by half, effectively decreasing the supply of new Bitcoin entering the market.

The available supply of conventional currencies rises and falls under the watchful eyes of national central banks, but the total supply of Bitcoin is fixed and immutable. As the supply of new Bitcoin dwindles, analysts predict a massive bull run after the halving, as historic data shows that Bitcoin prices tend to surge significantly following this event.

With the combination of bullish technical indicators and the looming halving event, the crypto market is geared with optimism and Bitcoin continues to captivate the attention of the global financial landscape.