The weekly chart of Bitcoin shows that since August 16, 2020, it has maintained an upward trend. This is the second time it has touched the uptrend channel around $ 40,000.

The psychological level of 40,000 represents strong support for BTC and it is expected that in the coming days it may bounce looking for the psychological level of 50,000 and towards the SMA of 21 located at 52,009.

We can visualize on the weekly chart that Bitcoin is under downward pressure due to the 21 SMA hovering around 52,000.

This means that any technical bounce like this area of the 21 SMA will be seen as an opportunity to sell Bitcoin in the next few days.

A weekly close above the 21 SMA and above the level of 52,000 could give Bitcoin a chance to once again resume its bullish cycle and rally towards the psychological level $60,000 and up to 62,500 zone of 5/8 Murray.

Institutional clients expect the price of Bitcoin to trade around $ 60,000 or to reach $ 100,000 by the end of the year 2022.

However, according to our analysis, Bitcoin is likely to reach the 30,000 level by the end of the year, as the Fed will try to raise its interest rates more than four times, which could be a factor that puts pressure on Bitcoin.

Another detail that can be seen in the weekly chart is that the 200 EMA is located around the support zone of 2/8 Murray at $ 25,000.This level will be the key in the future if Bitcoin falls towards this area. Around 25,000 there will be opportunities to buy Bitcoin. As long as it remains above this level, the outlook will remain positive for BTC.

On the contrary, a weekly close below the zone of 25,000 and below the 200 EMA will be the start of a bearish scenario and we could expect that Bitcoin can continue downward movement towards $ 20,000 and could quickly accelerate towards the level of the $ 10,000.