BTC Analysis – Critical Weekly Close 🔥
We are approaching a critically important weekly close for Bitcoin, as the price is currently trading around $107,500 after a series of strong rallies, but there are technical indicators worth noting:
Technical Outlook:
The price is still moving within a clear upward channel 📈, but it is currently nearing the weekly upward trend line, making the upcoming close pivotal in determining the next direction.
Any weekly close above $108,000
✅ will be considered a confirmation of the continuation of the upward momentum and may open the door towards levels of $110,000 then $120,000.
Conversely, a close below $106,000 or a break of the trend line ❌ may indicate the beginning of a correction towards support levels at $95,000 then $90,000.
💡 Indicators:
The RSI indicator has started to retreat from the overbought zone ⚠️ indicating a potential entry of the market into a temporary correction wave.
The MACD indicator shows a negative crossover on shorter time frames 🔻, reinforcing the likelihood of a pullback if the trend line is broken.
⭐️ Watch Areas:
1️⃣ First Support: $106,000 - $104,000 ⚙️ (Trend line).
2️⃣ Second Support: $95,000 - $90,000 🛡️ (Strong demand zone + Fibonacci 0.236).
Resistance: $108,500 – then $110,000 🚀.
Summary:
The overall outlook remains positive as long as the price stays above the trend line and the weekly close is above $107. However, breaking support could change the game rules ⚔️.