BTC Garfield day TA by Mako Sharks

Bitcoin kicks off new week at 105.6k, navigating between key zones as Bulls and Bears battle for short term control. After a mild retrace from the recent ATH, Bulls need a daily close above PWH 110.7k to regain momentum, while Bears are targeting a drop below 100k to trigger extended correction. Both sides are near major pivot points, making this a potentially decisive week. Will Bulls reclaim dominance or will Bears slow down and mute the Hopium. 🐂 🥊 🐻

Bulls are in a slightly less favorable position short term. To regain Bullish momentum, Bitcoin needs to reclaim daily 21SMA 106.3k and seek for expansion towards PWH 110.7k where is crucial to secure any daily close during the week above it or ideally above ATH 111.9k which would push Bitcoin back into uncharted territory!

It's worth noting that Bulls would prefer to see a milder pullback early in the month rather than later, in order to potentially close June in the green. As long as Bitcoin trades above the April low at 74.4k, it's still within Higher Low territory and can “afford” a deeper pullback. Ideally, Bitcoin & Bulls defends the 100k zone and seeks support in the upper 90k region and the daily 55EMA 99.8k, from where it could potentially trigger a positive reaction and continuation of the broader trend. 🌈 ⬆️ 🚀

Bears have an opportunity to slow down the momentum and briefly mute the Hopium, but in order to do so they must keep Bitcoin below PWH 110.7k on a daily closing basis throughout the week and hold that level as a downtrend pivot. If Bears manage to turn the 100k zone into resistance, we are likely to see a more extended corrective phase toward PML 93.4k or the weekly 21SMA at 94.4k, where Bitcoin still holds a strong chance for short term consolidation and a bounce back after potentially forming a Higher Low in the 90k region.

The ideal scenario for Bears would be to force a breakdown below 90k support zone, which would significantly weaken Bullish momentum and delay expectations for a new ATH and entry into uncharted levels once again. However, from the current perspective, that seems less likely considering Bulls still hold a couple of strong cards in their hand. 🖕 🔪 🌜