Technical Analysis: BTC/USDT – Weekly Chart
Bitcoin is currently testing a significant ascending trendline on the weekly timeframe, which has been acting as a strong support since the price was around $24,800. Despite recent corrections from the all-time high of $109,588, BTC has managed to hold this trendline support for the past few weeks.
As long as Bitcoin remains above this ascending support line, the bullish market structure remains intact, and the trend suggests a continuation to the upside. This area can be seen as a potential accumulation zone, where buyers may step in to defend the trend.
Key Points:
Price is currently around $83,000, sitting directly on the long-term trendline.
The support has held for 3–4 consecutive weeks.
Unless the trendline is broken decisively to the downside, the broader market remains bullish.
A bounce from this level could target resistance near $95,000 and potentially retest the ATH at $109,588.
Conclusion: Bitcoin is still in a bullish uptrend on the weekly chart. As long as the ascending trendline holds, the probability favors a continuation of the rally. A break below this trendline, however, could shift the structure and open the door for deeper corrections.
