BTC/USDT ~ Weekly Overview

The previous week in the cryptocurrency market was dominated by concerns regarding the Securities and Exchange Commission (SEC) targeting Binance and Coinbase. As a result, the world's largest digital asset experienced a significant decline of approximately -3.60% over the course of the week. Currently, Bitcoin (BTC) is encountering substantial resistance above the 0.618 Fibonacci level and struggles to maintain sustainability above the EMA-50.

Nonetheless, there exists a robust support level for this cryptocurrency asset below the 0.786 Fibonacci level. It is essential to closely monitor the market fundamentals this week, as they will play a crucial role in determining the market's response. The resistance levels for BTC are anticipated to be situated at $26,000 and $28,000, while the support levels are projected to be at $25,000 and $23,000.