BITCOIN WEEKLY UPDATE ( Sept 8 )
Bitcoin is currently now sitting above 112K, its ATH in Q2 2025.
On the surface, things look bearish:
➬ Clear rejection at 120K - 124.5K
➬ MACD gave a bearish cross
➬ RSI cooled off after showing divergence
But the bigger picture still says this cycle isn’t finished 👇
👉 Key levels are simple:
► 107K–109K as support, with major support at 98K.
► The resistance is still around 120K–124.5K.
If these supports hold, the uptrend is still strong.
The Long-term Picture
► The Elliott Wave count shows we’re inside Wave (5). History tells us this wave is usually the strongest and most explosive part of the bull cycle.
► Indicators explain the short-term weakness:
↳ MACD turned bearish, but the momentum is slowing, not collapsing.
↳ RSI around 56 still has plenty of room to run higher if this wave extends.
It might look like a double top right now but people said the same in 2024 before BTC pumped 50%.
What could push BTC higher ⁉️
➜ Macro events: CPI on Sep 11 and the FOMC meeting on Sep 17 will be big. If Powell cuts 25bps (or even 50bps), that’s new liquidity entering markets.
➜ Liquidity cycle: Global liquidity is still climbing. Bitcoin has always topped when liquidity peaks and we’re not there yet.
✦ Support: 107K–109K / 98K
✦ Resistance: 120K–124.5K
✦ Wave (5) projection: 160K–200K by Q1 2026
In the short term, charts look bearish.
But the big picture says that the bull structure is intact.
As long as support levels hold, Bitcoin is likely just consolidating before the next leg higher.
