BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 86.5k! Does this break below 90k lead into a deeper crash, or will Bulls manage to demonstrate strength?! As time goes on, candles continue to stack in favor of Bears and Nazgûls… Can Bulls once again ignite the Hopium flame?! A few key reclaims for Bulls, or just a simple break below 80k for Bears?! Things are getting more and more interesting in the cryptoverse, with no shortage of tension, excitement and uncertainty on both sides! 🐈 🍿 ⚰️

Bulls are on the margins as the Hopium flame keeps fading. Ideally for Bulls is to get any successful daily close above the Previous Week High (PWH) at 93.6k, but for that Bulls first need a break back above 90k, followed by a reclaim of the daily 21SMA and 55EMA around 91.5k, which could lead Bitcoin into a potential challenge of PWH 93.6k, ‘24 June low at 98.3k and the daily 200EMA 98.6k! Anything less than that does not work in favor of Bulls, and it is of course crucial to defend the ’24 November low at 80.6k on a daily closing basis. 🙏 😰 🟢

Bears are rubbing their hands as Nazgûls circle above the cryptoverse. The weekly 55EMA at 96.1k rejected Bitcoin and was confirmed as resistance, followed by trading below the monthly 21SMA at 88.9k and the year open at 87.4k, and it appears to be only a matter of time before the ’24 November low at 80.6k comes up for a test a level that currently looks like thin ice, separating Bitcoin from the mid to low 70k zone, where the next meaningful bullish reaction and bounce attempt could emerge. The mission for Bears remains unchanged: secure any successful daily close below the ’24 November low at 80.6k, which would effectively open the gates of Mordor. Ideally for Bears, staying below the year open at 87.4k and the monthly 21SMA 88.9k remains key, while holding below PWH 93.6k on a daily closing basis should be sufficient on its own. 😎 😈 😇