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The past week in the cryptocurrency market was characterized by high volatility and significant price fluctuations. Bitcoin traded in a wide range from $49,000 to $62,745. The fall was caused by the collapse of Asian markets and the subsequent decline in US stock indices. And the growth was due to positive news in the Ripple court case and the approval of payments to creditors of FTX and Alameda Research.
From a technical perspective, the week was marked by the formation of important support and resistance levels. The key levels were $57,100 and $63,500, with the latter being seen as a potential breakout point for further growth. Intermediate resistance was at $58,900. An important moment was the price closing above $57,100, which recorded a false breakout of the trend line and reduced pressure on the price.
The market has demonstrated significant resilience and the ability to quickly recover from sharp declines. Despite volatility at the beginning of the week, $BTC managed to overcome key resistance levels and ended the week with growth. The growth was supported by both technical factors and positive news from traditional financial markets. The current situation indicates the potential for further growth, especially if favorable technical patterns are formed on the weekly chart. However, investors should exercise caution due to persistent volatility and low market liquidity.
The upcoming week with a busy economic calendar could be decisive for the medium-term trend. Inflation data and regulatory decisions will be key factors.
