Combining the weekly structure of Bitcoin's price movement, the previously anticipated target of $105,000 at the critical price level of $75,000 has been successfully achieved. When the price climbed from $105,000 to the current range of $110,000, we promptly warned of the risk of a pullback in the market to avoid blindly chasing the upswing.
From a technical analysis perspective, it was pointed out last week that the weekly MACD indicator formed a golden cross and the opening continued to widen, which is one of the important signals for driving the weekly level upward. However, to confirm the further extension of the weekly bullish trend, a second key condition must be met - the price must stabilize above the historical high.
If the above two conditions are met, according to technical calculations, the bullish market at the weekly level is expected to continue to the target range of $133,000 to $147,000. The closing situation of this week's weekly candle will be a key observation point:
- Strong formation: If the weekly closing price can firmly maintain above $110,000, it means that the long-term bullish trend will be strengthened, and the subsequent upward momentum is worth looking forward to.
- Pullback response: If the weekly closing fails to hold above the $110,000 mark, a pullback at the daily level is expected, with the $100,000 integer mark becoming an important support level. If the price stabilizes within this range, it is still a good opportunity to position for a bullish swing.
As Bitcoin's price breaks through historical highs, there is no bearish basis from a technical pattern and trend logic perspective in the short term. Investors are advised to pay close attention to the weekly closing performance, as each time a new high is reached, a pullback usually follows. There may be a trend change by the end of the month, so be cautious of pullback risks. Adjust trading strategies flexibly based on different trends.
