"Well, the hopes and dreams of the bulls have been dashed this week after Bitcoin closed the week out at $94.290, below the key $96,000 weekly support level. In the weeks ahead, we should expect more bearish price action as key support levels have been lost. Bounces back up may come, but they are unlikely to result in recapturing any meaningful price levels."
"Key Support and Resistance Levels Now Bitcoin price closed below the $96,000 support level identified in this article in prior weeks. Closing near the lows below this level provides very little chance, if any, for the price to recover and resume a bull market anytime soon. Looking lower, we have our next major support level below at the 0.382 Fibonacci Retracement from the 2022 bottom to October 2025 high, and another high volume node sitting in the $83,000 to $84,000 area."
"Resistance above $94,000 is thick now. With the price closing so low, we should not expect much of a bounce at this level, if any. If price does see any kind of bounce this week, we will look to the $98,000 level to hold as resistance. A short squeeze may be able to push the price past here to $101,000. Above this level, we have the equivalent of a brick wall in the $106,000 to $109,000 zone."
"Do you believe in miracles? You will need to know if you expect the bitcoin price to see any kind of meaningful rally this week. There is a tiny bit of hopium for the bulls in that the broadening wedge pattern has not definitively broken bearish. If we stretch it out as low as it can go (adjusted from prior weeks), the price is barely supported at the bottom at current"
Bitcoin closed the week at $94,290, undercutting the key $96,000 weekly support and increasing the likelihood of further bearish price action. Short-term bounces may occur but are unlikely to reclaim significant levels. Immediate downside targets include the 0.382 Fibonacci retracement from the 2022 low to the October 2025 high and a high-volume node near $83,000–$84,000, with additional support at the 2024 consolidation highs of $69,000–$72,000. Resistance is layered: $94,000–$98,000, potential short-squeeze to $101,000, a heavy barrier at $106,000–$109,000, then $114,000 and $116,000. Only a close above $116,000 could indicate a bullish flip. A broadening wedge remains marginally intact with price barely supported at the lower edge.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]