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Bitcoin is at a crucial juncture, and the weekly close may determine its subsequent movement. To validate a bullish continuation and bolster market trust, BTC must secure a firm weekly close exceeding $107,720.
The Weekly Bitcoin Candle Might Set The Scene For A Surge
Bitcoin is nearing a critical moment, but if BTC can achieve a solid weekly close above $107,720, it may instigate a movement towards the $130,000 to $135,000 range in Q3. This pivotal level is functioning as a resistance area, and breaching it could unveil a fresh wave of bullish energy.
Associated Readings
SatheMeme_Expert disclosed on X that a comparable setup was noted in Q4 2024, when BTC achieved its most significant weekly close of the year. The outcome was an unrestricted surge that broke through resistance and propelled one of the most potent bullish phases of the cycle.
The weekly chart indicates Bitcoin is operating within a distinctly defined historical parallel channel. As noted by Pinnacle_Crypto, this channel has previously indicated a breakout point in October 2023 and October 2024, which stimulated upward movements. If this trend persists, BTC could be heading towards the $150,916 objective in October 2025. The channel outlines a pathway, with critical breakouts marking the commencement of rallies. Simultaneously, price dips will act as accumulation areas.
Crypto analyst Gemxbt also underscored that Bitcoin’s 1-hour chart is presently in a downward trend, yet the price is attempting to rebound from a support area close to $106.500. So far, this zone is holding well, offering a base for buyers to enter, and technical indicators support this possible shift.
The Relative Strength Index (RSI) is recovering from oversold conditions, suggesting that selling pressure is diminishing, while the Moving Average Convergence Divergence (MACD) indicator is nearing a bullish crossover, which may signify the onset of upward movement. Nevertheless, for a significant reversal to succeed, BTC must surpass the vital resistance around $108,500. A breakout above with consistent volume will be essential to affirm the trend and bullish momentum.
Consolidation Phase Develops — Breakout May Be Approaching
BTC is consolidating within a descending channel configuration on the daily chart, a pattern that generally indicates a stage within a larger trend. Dynamite Trader stressed that BTC is currently trading above the 50-day moving average (MA 50), a level that is now strong for the bulls.
Associated Readings
A breakout above the descending channel would signify a change in sentiment and momentum, potentially initiating a bullish continuation towards the $120,000 area, the subsequent psychosocial target on the macro chart.
According to MiraCrypto, Bitcoin has exhibited a strong breakout from the descending channel on the 1-day chart, indicating a change in momentum. BTC is now consolidating above the resistance, which has been transformed into support.
This consolidation above the breakout levels acts as a bullish continuation signal observed prior to the next phase upward. MiraCrypto noted that as long as BTC maintains this zone, the way remains clear for a move towards $135,000.
featured Image from Istock images, chart from tradingview.com
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