BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off the new week at 100.7k after dipping slightly below 100k zone over the weekend. Will we see a deeper pullback, or will the 90k zone provide the needed support? One thing is certain, Bitcoin has begun search for a new low, the only question is where it will be. 📉 🕯 🟢

Hype & Hopium has quieted down a bit amid the “rattling of weapons” in the Middle East, but considering we're in the summer quarter, this setup is ideal for a mild correction AKA Higher Low and a continuation toward a new All Time High!

As long as Bitcoin is trading below the 106k zone and the daily 21SMA at 105.3k, every bounce is just a bounce before a new low. What’s key for the Bulls and the Hopium narrative is a successful reclaim of the 106k zone, and ideally, any successful daily close above the Previous Week High at 108.9k! 🔫 🌜 📈

The Bears have gotten what they wanted, but after such a strong expansion from the April low at 74.7k into a new ATH at 111.9k, a corrective phase is both normal and actually welcome! With Bitcoin dropping into the 90k zone, things are getting tougher for the Bears. Ideally for Bears, a successful daily close below the Previous Month Low at 93.4k is needed to potentially drag Bitcoin down into the upper 80k zone. For now, they can't really expect more than that.

However, any successful daily close below the Previous Week Low at 98.3k will almost certainly take Bitcoin deeper into the 90k zone, targeting the weekly 21SMA at 94.4k, which aligns with the daily 200EMA at 93.8k and the Previous Month Low at 93.4k. As we’ve highlighted in previous analysis, this still looks like nothing more than a healthy correction within a strong uptrend! 🐻 🌩 😇