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Bitcoin has broken through new record levels, approaching the upper limit of its weekly bullish price channel. This move comes as the digital asset confirms a significant breakout, maintaining a bullish continuation pattern. Traders are closely watching for further consolidation before a potential next bullish phase.
Price movement within the bullish channel
On the weekly timeframe, Bitcoin continues to trade within a bullish channel pattern. The price is now approaching the upper resistance line of this channel. This movement indicates the strength of the current trend, with buyers maintaining control near its highest levels in several weeks. During recent sessions, Bitcoin has remained steady above previous resistance levels.
This continuous price movement has supported the continuation pattern that is still evident on the weekly chart. As the momentum increases, analysts are monitoring how long the consolidation phase will last at the current levels. A deeper analysis of the Bitcoin trend indicates that premium signals suggest Bitcoin is trading within a bullish channel and is approaching the resistance level.