BTC price has had trouble dealing with the $50,000 level over the past two weeks.

After prices climbed off the low of $29,000, Bitcoin has managed to rally nearly 75% in less than a month.

Since then, the price of BTC has remained almost flat below the $50,000 mark allowing many altcoins to rise beyond their previous highs.

The general market continues to show bullish signs, with many investors anticipating a strong push to push it above the $50,000 mark very soon.

Given the rise in the price of Bitcoin over the past month, every top that was placed is getting lower.

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Bitcoin price action has formed a curved top with a curved bottom over the past 35 days (shown in black in the chart below).

This formation ends in a week and Bitcoin is expected to have a major breakout sometime before then.

It is difficult to determine whether this is a bullish or bearish pattern but each curve can be used as a reference.

Bitcoin price should break BTC and continue into the major resistance area located at $48,000-$50,200 to experience a major boost to the upside.

If the bulls manage to make it, Bitcoin is expected to reach $53,300 and possibly $56,530.

Throughout this uptrend, bitcoin price has been held by the 20 day moving average.

This moving average has prevented Bitcoin from starting a downtrend as the bulls buy every time the price reaches it.

This moving average can be used as a good reference for whether Bitcoin will stay bullish or go down.

If the bulls fail to break the key resistance area and break through the curved shape, we should expect Bitcoin to break below this moving average.

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If this happens, the bitcoin price will be in a confirmed downtrend and prices can be expected to fall between $42,000-$44,700.

While looking at the Stochastic RSI it can be seen how the strength continued to make lower highs even though the price made higher highs.

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This is considered a bearish divergence and will cause the bitcoin price to drop below $45,000 if triggered.

The force must break through the trend line to cancel this possibility.

Looking at the RSI shown in the above chart, we can see that the channel formation has kept its strength sideways over the past few weeks.

Strength should break the upper trend of this channel until Bitcoin price reaches mid-$50,000.

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