Bitcoin fell far short of the first major resistance level at USD 37,175, slipping to a weekly low of USD 28,283.0 on Wednesday.
While Bitcoin fell through the 23.6% FIB from USD 33,008, it avoided a decline by the first major support level of USD 28,227.
On Thursday, Bitcoin found support, rising to a Friday during the week from $ 38,710.7.
Bitcoin broke through the 23.6% FIB of USD 33,008 and the first major resistance level of USD 37,175, before falling below USD 33,000.
However, when it found support over the weekend, Bitcoin broke back through the 23.6% FIB to close out the week at USD 33,100 levels.
Four days in the green, including a 9.7% rally on Thursday, added the week’s edge.
For the coming week
Bitcoin should move through the USD 33,711 pivot point to support a run from the first major resistance level at USD 38,138.
Support from the broader market would be necessary for Bitcoin to break back to USD 38,000 levels.
Barring an extended crypto rally, the first major resistance level and last week’s high $ 38,710.7 would likely limit any advantage.
In the event of a protracted breakout, Bitcoin could test resistance at the USD 41,969 swing before a downturn. The second major resistance level is at USD 43,138.
Failure to hit the USD 33,711 pivot will bring into play the FIB of 23.6% and the first major support level of USD 28,710.
In the event of a sell-off, Bitcoin should avoid the 38.2% FIB of $ 27,465. The second major support level is at USD 24,283.
At the time of writing, Bitcoin was up 0.98% to $ 33,462.6. Due to a mixed start to the week, Bitcoin fell to a low of $ 32,333.0 on Monday morning before climbing to $ 33,570.0.
While Bitcoin left key support and resistance levels untested at the start of the week, Bitcoin fell short of the 23.6% FIB.