Bitcoin Weekly Chart Analysis – Bullish Trend with Target at $109KTrend: Bullish
Target: $109K
✅ Holding the Breakout:
Bitcoin continues to maintain the breakout from the falling wedge pattern, with the weekly candle closing with a modest 0.58% gain. Falling wedges are typically seen as bullish reversal patterns, and this one has unfolded as expected, with a strong upward momentum. The market sentiment remains positive as BTC holds its breakout level.
✅ Support and Resistance:
BTC has successfully cleared the previous resistance zone between $88,000–$92,000, and now targets the next key level of $109,356. Once this target is reached, Bitcoin will enter price discovery mode. Importantly, the $88,000 level, which was a prior resistance, has now turned into strong support.
In short, the outlook for Bitcoin remains bullish, with the primary focus on reaching the $109K target. Support at $88,000 strengthens the trend, with further upside potential as the price breaks through key resistance levels.