"The past week's price action has been rather lackluster for Bitcoin. After seeing a big bounce from $60,000, the price failed to get above short-term resistance at $71,800 last week. Instead, the price tested the short-term support at $65,650 before bouncing back up to close the week out at $68,811. While the weekly chart is showing some buying strength below $66,000, the lack of follow-through for buyers on the bounces so far is a sign of weakness."
"Key Support and Resistance Levels Now Last week, $65,650 proved to be valid short-term support as the price dipped just below it before rallying quickly back above it. If a day closes below $65,650, look for $63,000 to act as support. Below $63,000, we have the 0.618 Fibonacci retracement at $57,800. This is a key level to hold as there isn't much support below until $44,000."
Bitcoin bounced from $60,000 but failed to clear short-term resistance around $71,800 and closed the week at $68,811 after testing support near $65,650. Weekly charts indicate buying interest below $66,000, yet buyers have lacked follow-through, signaling vulnerability. Immediate support levels include $65,650 and $63,000, with the 0.618 Fibonacci level at $57,800 acting as a critical floor before much lower support near $44,000. Overhead resistance sits at $71,800, then $74,500, $79,000 and $84,000. Market mood is very bearish, with a likely range between $60,000 and $80,000 in coming weeks.
Read at Bitcoin Magazine
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