Looking at Bitcoin’s weekly price chart, the cryptocurrency recently tried to break through a key resistance level (a price zone where selling pressure has historically been strong) between $85,500 and $86,300. While it briefly moved above this range, it failed to close the week above $86,000, causing the price to drop back toward its closest support area (a price zone where buying interest typically increases) at $82,500–$83,800.
Why This Support Zone Matters?
The $82,500–$83,800 range is crucial. If Bitcoin’s weekly closing price stays above $82,500, this could signal renewed buying momentum, potentially pushing Bitcoin back up to retest the $85,500–$86,300 resistance zone soon. Analysts like Qaisar Naeem suggest that positive news, such as a resolution in the ongoing U.S.-China trade disputes, could act as a major catalyst for Bitcoin and the broader market. If this happens, Bitcoin might even surge toward 96,000–$98,000 due to a technical pattern called a “falling wedge” (a bullish chart setup where prices consolidate downward before breaking upward).
What If the Price Drops?
If Bitcoin’s weekly closing price falls below $81,800, it could trigger short-term bearish momentum, possibly dragging the price down to $78,000. However, based on current trends, Qaisar believes Bitcoin is more likely to close the week above $82,500, keeping the bullish scenario alive.
Key Factors to Watch:
1. U.S.-China Trade Developments: Progress in trade talks could boost market confidence, benefiting Bitcoin.
2. Technical Patterns: The “falling wedge” formation suggests a potential upward breakout if buying pressure returns.
3. Support Levels: Holding above $82,500 is critical for maintaining upward momentum.
Final Thoughts:
For now, Bitcoin’s price action hinges on whether it holds above the $82,500–$83,800 support zone. Traders should monitor weekly closing prices and global market news for clues about Bitcoin’s next move.
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