Bitcoin Price Weekly Forecast: Can BTC Violate the $50K Barrier?

• Bitcoin price had a mixed week but managed to overcome the 200 SMA and trade above $49,000 for the first time in 3 months.
• BTC price forecast for the week ahead is bullish.
• Bitcoin needs to close the week above the $48,000 level to increase the odds of slicing through the $50K barrier.

It was a bearish start to the week as the Bitcoin price was rejected by the $48,000 psychological level on August 16 to start the week below the $46,000 mark. This saw BTC trade in the red for the first two days of the week. Bitcoin then found support at the $44,000 zone as bulls began recuperating losses on August 19. Yesterday, the bellwether cryptocurrency tried to slice through the $50,000 barrier but seller congestion at this zone pushed BTC down to close the day $48,905.

So, what was the week like for Bitcoin?

Bitcoin Price, The Week That Was

BTC/USD price rose by approximately 7% in the week ending August 15. Significantly falling short  of the 10% from the previous week, Bitcoin closed Sunday August 15 at  $$47,047.

Bitcoin price started the week trading in red after rising by about 64% from the July 20 low at around $29,360 to a high of$48,098 on Aug 14 . On Monday Bitcoin started the day at $47,019 and reached a high of around $47,998. Rejection from the $48,000 psychological level saw BTC slide to an intraweek low at around $43,998 on Thursday bust still remained bullish.

The buyers were determined to stretch the bullish leg which saw the Bitcoin price break above the $45,709 major resistance level. This is the place where it coincides with the 200-day SMA. A push past this level saw the largest cryptocurrency rally to an intraweek high of $49,717 yesterday.

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During the week, BTC price broke through the $49,000 psychological level and flipped the 200-day SMA and the 48,000 psychological level from resistance to support. This including 12% rally between Wednesday and Friday were the week’s upside.

Bitcoin Price (BTC/USD) Daily Chart

BTC Price, The Week Ahead

At the time of writing, Bitcoin price is dancing around $49,022 and appears to battle the immediate barrier posed by the $50,000 resistance zone coinciding with the apex of the descending triangle.  BTC needs to close the week above this level and trade above the price range defined by the descending triangle pattern to bring the April 14 all-time high into the picture.

Note that the general Bitcoin Price Prediction for the week ahead remains bullish as indicated by the positive parabolic SAR. Moreover, the position of the MACD in the positive zone validates this bullish bias. It is also worth noting that the MACD sent a buy signal on August 20 when the 12-day EMA (blue line) crossed above the 26-day EMA. This is an extremely bullish sign that is expected to bolster BTC bulls to maintain the current momentum.

Moreover, the position of the Relative Strength index close to the overbought zone at 68 shows that bulls are controlling the price of the flagship cryptocurrency.

On the flipside that closing the week below the $48,000 psychological level would bring the first major support level at $46,450 into play. A further fall would see BTC re-test at the support levels at 200-day SMA ($45,774), 50-day SMA( $39,155)  and 100-day SMA ($37, 894) respectively.

Where To Buy BTC?

If you wish to buy cryptocurrencies including Chainlink, exchanges such as  eToro , Binance, Coinbase, Kucoin and Kraken are good places to visit.

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