Bitcoin Weekly Outlook: Critical Levels and Market SentimentBitcoin is currently trading at $87,350, showing signs of recovery after a significant pullback. The weekly chart highlights a crucial battle between bulls and bears as price approaches key resistance levels.
Key Levels to Watch
Resistance Levels
$89,067: Bitcoin needs to break above this level to regain bullish momentum. This has acted as both support and resistance in the past.
$92,247: If Bitcoin clears the previous resistance, this level becomes the next challenge.
$99,563 - $100,763: This is a major supply zone where sellers could take control. A strong breakout beyond this range could pave the way for new all-time highs.
Support Levels
$76,612: If Bitcoin faces more downside pressure, this level will be a critical area for buyers to defend.
$67,853: A break below the previous support could lead to a deeper correction, with this level acting as the next major demand zone.
Technical Overview
Bitcoin is in the process of recovering from a sharp decline. The price has bounced from a strong weekly support level, but it is still facing challenges in reclaiming key moving averages.
The 10-week moving average (yellow line) is acting as resistance. A sustained close above this moving average could indicate a shift in momentum toward further upside.
A descending trendline has been limiting Bitcoin's ability to make higher highs. A breakout above this trendline would signal renewed bullish strength.
Trading volume shows buyers stepping in, but confirmation is needed to validate the trend reversal.
Market Sentiment and Outlook
The overall sentiment remains cautious, with buyers attempting to regain control. A strong weekly close above $92,000 could trigger a push toward the $100,000 range. On the other hand, failure to hold $87,000 could lead to another retest of lower support levels.
The next few weeks will be crucial in determining Bitcoin’s direction. If resistance levels are broken with strong volume, the bullish trend could resume. However, if the price continues to struggle, a deeper correction remains a possibility.
Where do you think Bitcoin is headed next?
