The end of the week for bitcoin above an important resistance level raises questions about its short-term sustainability.

Since the beginning of this year, the price of bitcoin has continued to rise, increasing by 160% and reaching a new annual high of $44,700 in early December. This maximum turned out to be above the 0.5 Fibonacci retracement level. However, there is some uncertainty about the nature of the trend, as the bitcoin price closed the next week below this area and then rose higher again. This creates doubts as to whether the trend will be bullish or bearish.

The Relative Strength Index (RSI) indicates a bullish trend, as it continues to grow and remains above the 50 mark, which is considered a positive signal.

Analysts monitoring the cryptocurrency markets remain optimistic about bitcoin. Some note the activity of buyers in the spot and futures markets, the growth of spot purchases on Coinbase, the restart of financing and a decrease in open interest.

In addition, analysts such as Rekt Capital claim that bitcoin can support the bullish trend due to the upcoming halving of BTC.

As part of the Elliott wave analysis, it is assumed that the price has completed the third wave of the five-wave upward movement and is now in the correction stage. Despite the short-term bearish outlook, a bullish breakout from the short-term channel is possible, which could lead bitcoin to rise to the resistance level of $50,000, which is 15% of the current price.