BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off the week at 119k, following a weekend rally that printed a fresh All Time High of 119.4k. With the 120k milestone now within arm’s reach, we’re stepping into a key “take profit” zone one that could trigger a short term correction. Can Bitcoin surge through uncharted territory and carve new highs, or will we first revisit the previous ATH at 111.9k? 🔼⚡️ 😎

Hopium rhapsody in full swing as Bitcoin marks a historic new ATH at 119.4k! For Bulls, the roadmap is straightforward, hold above the Previous Week Low at 107.5k and the daily 55EMA at 107.3k on daily closing basis during the week.

If these key levels are defended, it’s “up only” from here. A clean daily close above the PWH/ATH at 119.4k could unlock the path to 130k+ in the relatively short term. 🌈 ⬆️ 🚀

Bears are currently in a weaker position, but there's still a chance they could throw a wrench into the Bulls' plans and slow down the Hopium rhapsody! The key for the Bears is to force any daily close this week below the Previous Week Low at 107.5k and the daily 55EMA at 107.3k.

That would likely pull Bitcoin back into the lower 100k range and stall the ongoing bullish momentum, potentially pushing Bitcoin into a consolidation phase until autumn. Either way, as long as Bitcoin trades above the previous ATH at 111.9k, the “only up” mode remains on! 🌜 🕯 😴