Bitcoin: still lacking the strength

As BTC became a part of the mainstream markets, the coin is reacting to the Fed's decision and macroeconomic environment. In this manner, the Fed's rate decision made an impact on the price of BTC during the previous week. As investors are perceiving that the environment of lower interest rates will be good for the economy, they have increased appetite for riskier assets. BTC managed to gain in value during the week, moving from levels around the 58K, up to the highest weekly level of 64K. Regardless of this move to the upside, still the 65K long term resistance line remained untested.

The RSI reached the level of 60, however, slowed down as of the end of the week. The indicator shows that investors are more oriented toward the overbought market side, but are still uncertain whether it is the right moment for such a move. Moving average of 50 days slowed down its divergence from MA 200 counterpart, and the two lines are currently moving in parallel.

Currently on charts there are two major points which indicate potential further move of BTC. The RSI is on a road toward the overbought market side, which provides some indication that the price might move to the higher grounds. The other important topic is related to the fact that the market did not have strength to test the 65K, which is an important resistance line for BTC. Technical analysis is pointing to a potential for a BTCs move to the upside in the coming period. However, the question is whether the market will have strength to push the price to the higher grounds in the coming week? At the same time, a short term reversal is also probable, at least to the level of 60K.