Bitcoin price has been showing significant strength as Bitcoin (BTC) rallied by more than 60% in a matter of six weeks, surging from $10,000 to $16,500 and leaving many investors behind.
These investors were waiting for the close of the CME gap at $9,600, which didn’t occur. However, can the markets expect a correction to happen, or is further strength likely for the markets?
Bitcoin posts sixth consecutive green weekly candle BTC/USDT 1-day chart. Source: TradingView
The daily chart shows some crucial levels to watch. If Bitcoin’s price wants to continue its upward momentum, the previous resistance zone has to flip for support.
A similar example is shown through the previous breakout at $13,200. This area acted as resistance before the breakout but immediately flipped to become new support. This support/resistance flip warranted further continuation to $16,500.
The $15,500–$15,700 area implies the same critical construction as the previous $13,200 area. Holding the $15,500–$15,700 area means further upward continuation is likely,