The Bitcoin (BTC) price remained relatively sideways concluding calendar week and not once did it test resistance or support of the descending channel identified in last week'southward analysis.

Every bit such, today I'm looking at a new bullish instance for Bitcoin that could encounter the leading digital nugget see incredible growth if $7,200 resistance is broken every bit far as the technicals are concerned.

However, last week proved a massive fundamental turning point for Bitcoin that very few are talking most.

Daily crypto market performance

Daily crypto market performance. Source: Coin360.com

Bitcoin's old path

BTC USD daily chart

BTC USD daily chart. Source: TradingView

If Bitcoin has resumed the comport tendency from July 2022, then over the next week we should run into $5,600 go tested.

This $five,600 level represents the middle of the descending channel, and from here I would be looking for either a large rejection or a freefall to $four,100 as confirmation that this aqueduct is nevertheless valid.

If this channel is nonetheless valid, so this puts the resistance at $vii,200, and I would exist once over again short-term surly — perhaps even until the end of the twelvemonth — expecting $3K Bitcoin to be an expanse we should non only expect to achieve simply an expanse we could possibly stay in for a while.

A new path at $vii,200

BTC USD daily chart

BTC USD daily chart. Source: TradingView

On a more bullish annotation for Bitcoin cost, there is a seemingly valid ascending aqueduct opening up, which might take hold of many off guard, as the resistance on the descending channel is the moving average of the descending channel.

Every bit such, $seven,200 could be a critical turning bespeak for the king of cryptocurrencies, which could atomic number 82 to a new resistance level of $eight,300.

If this is the example, it would put support today effectually $6,060 and around the $6,100 level next week; and holding these levels would certainly be incredibly bullish for Bitcoin. And information technology's not just the technicals that are stiff either.

Last week, gold-issues Peter Schiff sent a smug tweet addressing all Bitcoin holders that read:

"Congratulations Bitcoin hodlers. It looks similar #Bitcoin may actually be living up to its status equally a non-correlated nugget after all. Every asset class is rallying today except Bitcoin!"

Yet, unknowingly to Schiff, he just made the most fundamentally bullish case for Bitcoin. As the global markets rising last week was a direct result of trillions of dollars existence printed out of sparse air, Bitcoin, all the same, doesn't demand "stimulus packages," "quantitative easing" or "bailouts."

Bitcoin bounced back 80% from its recent bottom, showing that Bitcoin has something a lot more powerful than these things. It has believers in its value proposition.

This to me is a great sign that Bitcoin will emerge from this global pandemic stronger than its ever been, but we might not be out of the woods just yet.

The Weekly MACD isn't bullish but yet

BTC USD weekly MACD chart

BTC USD weekly MACD chart. Source: TradingView

One of the all-time indicators for knowing when to purchase or sell Bitcoin is the weekly Moving Boilerplate Divergence Convergence ( MACD) indicator. Equally tin can be seen from the chart above, it crossed bullish 8 months before the all-fourth dimension high (ATH) and crossed bearish a month after the ATH.

It besides crossed bullish when Bitcoin was at its lesser in Feb. 2022. Yet, in that location tin be imitation crosses, and this is what I warned people of in my analysis on Dec. eight, 2022. Here I pointed out that the MACD was mimicking the patterns nosotros saw around the last simulated bullish cross, which saw Bitcoin fall from over $8K to nether $4K and as information technology happens, that'due south exactly what happened once again this calendar month.

Equally such, it would suggest that perhaps the MACD is telling us over again, that the bottom is in, and that now is the time to buy Bitcoin aggressively before the next bull-run.

Yet, I would personally like to run across the MACD and Signal lines pinching before getting as well excited, only if the new ascending channel remains valid, then that is exactly what nosotros will see happen.

The bearish scenario for Bitcoin toll

BTC mining difficulty

BTC mining difficulty. Source: BTC.com

Despite all my bullishness, you cannot ignore that the Bitcoin mining difficulty had its biggest driblet since December 2022, and information technology looks as if another big driblet is on the cards for April.

This could signal to either more downside for Bitcoin, or information technology could be pointing for more profitability for miners, which would reinforce my theory on why miners crashed Bitcoin before this month. Should this accept a detrimental upshot on the price of Bitcoin, then this will invalidate the ascending support of $6,100 and put $5,600 and $iv,100 as the levels to defend over the coming week.

The bullish scenario for Bitcoin toll

If $6,100 support holds, then the next level to flip is $seven,200. If this level becomes back up adjacent week, then $eight,300 is where I am looking for a breakout that could put $10K back on the cards.

The views and opinions expressed here are solely those of @officiallykeith and exercise not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your ain research when making a decision.