Will Bitcoin (BTC) Price Break $73k This Week?

A very positive week for crypto is now behind us. The BTC price pumped 7% during this period and is now trading around $67,300.

Bitcoin (BTC) price enjoyed a 7% surge over the last seven days, bringing it to levels around $67,300 at the time of writing.

After a week of strong gains, where could BTC be headed next? Will it be able to break through the $73,000 resistance and reach new all-time highs (ATHs)?

Let’s take a look at the BTC/USD chart to get a better perspective.

BTC/USD 1-day chart. Source: TradingView

As you can see on the 1-day chart, ever since March, Bitcoin has been trading within a sideways channel, with the lower and upper bounds being around the $53,000 and $73,000 areas, respectively.

Both levels have acted as strong support and resistance, as evident by the multiple bounces and rejections at these price points.

Breaking out of this channel could see BTC heading towards the $73,000 zone again.

It’s worth noting that such sideways movement is not uncommon for Bitcoin, especially following a significant rally. These consolidation periods often serve as a breather for the market, allowing for accumulation and setting the stage for the next big move. The question is, will that move be up or down?

Technical indicators on the 1-day chart also provide some insight into the possible price direction.

The Relative Strength Index (RSI) is currently positioned at around 58, indicating bullish territory as anything between 55-70 is generally considered positive.

However, the Moving Average Convergence Divergence (MACD) line is now below the MACD signal line, which is typically interpreted as a bearish signal. This crossover suggests a potential slowdown in upward momentum or a possible short-term reversal.

Any positive market developments could help propel BTC further, and one such catalyst might be the SEC meeting behind closed doors on Thursday, where they are expected to discuss a settlement with Ripple.

If any positive news were to break from this meeting, it could have a positive impact on Bitcoin as well.

But unless that happens, I believe it’s less likely we see bigger pumps this week, based on the Bitcoin chart.