BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 90.8k! There’s no shortage of fuel on the fire, and the tension is thick enough to cut with a knife. Bitcoin is dancing on thin support beneath heavy resistance, Bears smirking quietly while Bulls blindly hope the “bottom is in.” Will we finally get a resolution this week, or will we have to wait a little longer? A breakdown below 90k could accelerate the correction, while a breakout above the 95k/96k resistance could spark a fresh Hopium flame and deliver, at the very least, a decent mini rally. 🐂 ⏰ 🐻

Consolidation carried on throughout the last week, with growing tension and pressure felt across the cryptoverse, not only in the Middle East. Bulls enter this week with almost the same mission as last week: ideally, we want to see any successful daily close above the Previous Week High (PWH) at 94.7k, which would open the door for a potential breakout above the 95/96k resistance and a mini rally toward the daily 200EMA 99.7k, weekly 21SMA 101.8k, and the 98k/100k resistance.

For a complete “disarming” of the Bears, Bulls need much more than a small expansion into strong resistance, and for that, a reclaim of 108.2k, the 2024 year high, is key. Crucial for Bulls and Hopium is holding Bitcoin above the year open at 87.4k, as otherwise a test of the 2024 November low at 80.6k becomes inevitable, although a wick below the Previous Week Low (PWL) at 89.2k and the daily 21SMA 89.7k at 89.5k is easily possible. 🙏 🦄 🚀

Bears remain in a significantly stronger position, with selling pressure intact as long as Bitcoin trades below the ’24 year high 108.2k and remains within the bear flag formation, which still supports the possibility of a mini rally. Ideally for Bears and the Nazgûls is to get any successful daily close below the PWL at 89.2k and the year open at 87.4k, while holding below the daily 200EMA 99.7k and the weekly 21SMA 101.8k, would reinforce downside control.

Losing the 87k/89k zone would push Bitcoin into a challenge of the ’24 November low at 80.6k, which from the current perspective looks like thin ice before a potential opening of the 70k zone. Although Bitcoin and the Bulls are trying to shift sentiment toward neutral, Bears remain firmly on their feet, capable of absorbing a mini rally with patience that very likely leads to capitulation. Time will tell… 😠 🍿 😇