Bitcoin is consolidating between its 50-period weekly moving average, at roughly $75,500, and its 100-period weekly moving average, near $87,400, in a configuration an analyst compares with the one seen in 2023. That year, Bitcoin moved between roughly $24,000 and $28,000 from March to October before breaking above $31,800 and launching a rally that ended the year up approximately 156%. Growing institutional demand linked to BlackRock’s spot Bitcoin ETFs and short liquidations helped drive the advance. A weekly close above $87,400 could signal another major rally, while a break below $75,500 would expose Bitcoin to $67,800. The weekly RSI near 50 points to cooling momentum without confirmation of a bear market, although the stochastic RSI suggests short-term weakness.
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