# Bitcoin Magazine

By [Suresh Devi](https://paragraph.com/@suresh-devi) · 2023-03-23

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Bitcoin Marks Impressive Weekly Close
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*   Bitcoin price has reached a 9-month high at over $27,000 following the recent traditional banking fiasco. BTCUSD is currently reflecting a negative correlation with the US dollar, as it projects a bullish narrative – a cup and handle chart pattern projecting a potential 38% upswing if support is sustained.
    
*   Analysts are paying close attention to the 200-week Simple Moving Average (SMA), coinciding with the breakout line of the aforementioned chart pattern at $25,309, a crucial level for the bulls to protect for further upside potential.
    
*   A break below the critical foothold could spoil the bullish narrative, as Bitcoin would search for support at the 61.8% Fibonacci retracement level at $23,069.

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*Originally published on [Suresh Devi](https://paragraph.com/@suresh-devi/bitcoin-magazine-2)*