It was another impressive week for the major [cryptocurrency](https://www.fxstreet.com/cryptocurrencies) pairing BTC/USD, adding nearly +10.0% and carving out a second straight weekly gain to reach a fresh record high of $70,198.Traders eye dip-buying opportunities It is clear across all primary timeframes that the trend in this market is bullish, prompting traders and investors to seek dip-buying opportunities.Nonetheless, as a point of note, those who follow the Relative Strength Index (RSI) will acknowledge that the weekly chart’s RSI offers extremely overbought conditions at present.Yet, given the uptrend in this market, this indicator could remain overbought for a prolonged period (common view) and even reach as far north as indicator resistance at 91.78 (levels not seen since early 2021).
Moving forward, out of the weekly scale, support is now forged between $64,900 and $66,906.This will be a widely watched area [this week](https://www.fxstreet.com/economic-calendar/united-states) and if tested, buyers may drop down to the lower timeframes to seek bullish scenarios.From the daily timeframe, you will note that $70,000 welcomed sellers at the end of the week, with the only obvious support calling for attention seen at $60,648 (located beneath the current weekly support zone).
Attention on weekly/H1 support Albeit $70,000 serves as resistance now, the combination of the weekly support level at $66,906 and H1 support from $66,867 could provide sufficient technical evidence to have buyers commit at this point should a test of the area play out this week.An alternative scenario to keep in mind, nevertheless, is a whipsaw beneath H1 support to test the moderate H1 Fibonacci cluster just south of the $66,000 neighbourhood (positioned within the weekly support zone).This material on this website is intended for illustrative purposes and general information only.It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs.Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets.The information in this website has been prepared without taking into account your personal objectives, financial situation or needs.You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product.
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FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative.A Product Disclosure Statement for each of the financial products is available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us.First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No.286354).[Join Telegram](https://t.me/fxstreetcrypto) Recommended Content Editors’ Picks [Ethereum restaking sees major boost ahead of Dencun Hard Fork, EigenLayer TVL surpasses $11 billion](https://www.fxstreet.com/cryptocurrencies/news/ethereum-restaking-sees-major-boost-ahead-of-dencun-hard-fork-eigenlayer-tvl-surpasses-11-billion-202403081323) [](https://www.fxstreet.com/cryptocurrencies/news/ethereum-restaking-sees-major-boost-ahead-of-dencun-hard-fork-eigenlayer-tvl-surpasses-11-billion-202403081323) Ethereum restaking protocol EigenLayer total value of locked assets climbs to $11.71 billion.Ethereum Dencun Hard Fork, scheduled for March 13, has likely catalyzed the growth of restaking on EigenLayer.[More Ethereum News](https://www.fxstreet.com/cryptocurrencies/news?q=&hPP=15&idx=FxsIndexPro&p=0&dFR%5BTags%5D%5B0%5D=Ethereum) [Coinbase says value of AI tokens may be overstated due to lack of demand drivers](https://www.fxstreet.com/cryptocurrencies/news/coinbase-says-value-of-ai-tokens-may-be-overstated-due-to-lack-of-demand-drivers-202403081232) [](https://www.fxstreet.com/cryptocurrencies/news/coinbase-says-value-of-ai-tokens-may-be-overstated-due-to-lack-of-demand-drivers-202403081232) Coinbase, one of the largest crypto exchanges in the world, published a market intelligence report that addresses the recent gains in Artificial Intelligence (AI) tokens like Bittensor (TAO), Akash Network (AKT), Render (RNDR), and Worldcoin (WLD).[More Coinbase News](https://www.fxstreet.com/cryptocurrencies/news?q=coinbase&hPP=15&idx=FxsIndexPro&p=0) [Injective Price Forecast: Nearing a breakout towards $55](https://www.fxstreet.com/cryptocurrencies/news/injective-price-forecast-nearing-a-breakout-towards-55-202403081107) [](https://www.fxstreet.com/cryptocurrencies/news/injective-price-forecast-nearing-a-breakout-towards-55-202403081107) Injective price edges closer to a breakout as it trades around $43.
The short-term target for INJ bulls would be $51, but $55 could be reached soon.A twelve-hour candlestick close below $34.15 would invalidate the bullish thesis.[More Injective News](https://www.fxstreet.com/cryptocurrencies/news?q=Injective%20&hPP=15&idx=FxsIndexPro&p=0) [XRP price drops alongside mass profit taking by Ripple holders](https://www.fxstreet.com/cryptocurrencies/news/xrp-price-declines-as-holders-take-nearly-370-million-in-profits-ahead-of-sec-v-ripple-lawsuit-deadline-202403080601) [](https://www.fxstreet.com/cryptocurrencies/news/xrp-price-declines-as-holders-take-nearly-370-million-in-profits-ahead-of-sec-v-ripple-lawsuit-deadline-202403080601) XRP price dropped to $0.62 on Friday as holders took $368.79 million in profits in the past week.The deadline for the SEC vs.
Ripple lawsuit for the regulator’s remedies-related opening brief is March 22.[More Ripple News](https://www.fxstreet.com/cryptocurrencies/news?q=&hPP=15&idx=FxsIndexPro&p=0&dFR%5BTags%5D%5B0%5D=Ripple) [Bitcoin: BTC contemplates an increase to $100,000, but when?](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-contemplates-an-increase-to-100-000-but-when-202403080820) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-contemplates-an-increase-to-100-000-but-when-202403080820) Bitcoin (BTC) price shows clear signs of bullishness as it hovers around its new formed all-time high (ATH) of $69,210.Although both the fundamental and technical background are massively optimistic, investors should not be surprised if BTC takes a breather and moves sideways for the next couple of days or weeks.[Read full analysis](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-contemplates-an-increase-to-100-000-but-when-202403080820).
