BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off the new week at 105.5k After last week's drop from 110k Bitcoin leaves behind the question whether it can defend the 100k support despite the ‘’rattling of sabers’’ and the escalating conflict between Iran and Israel or will the Bears seize the context and pull the price into the 90k zone? 📞 💀 😇

For Bulls and Hopium alike, the key lies in holding 100k as support, with the ideal scenario being any successful daily close above Previous Week High 110.6k The first step would be reclaiming the daily 21SMA at 106.2k as support, along with the broader 106k zone, from where Bitcoin could stage a fresh impulsive rally to challenge Previous Week High 110.6k and ultimately ATH 111.9k!

Equally important is avoiding any daily close below Previous Week Low 102.7k and the daily 55EMA at 102.4k, which currently serves as key support and a potential springboard for the next move higher. 🔄 🟢 😎

Bears continue to play the same card, a clean break below the 100k zone as support. It’s worth noting that conflicts like Iran/Israel can “pour fuel on the fire” and add pressure to the downside, amplifying selling momentum. The key for Bears is to secure any successful daily close below the previous week low at 102.7k and the daily 55EMA at 102.4k, which could potentially drag Bitcoin into the 90k zone and stall any Hopium driven plans. That said, the 90k area remains a strong support zone where at least a short-term positive reaction can be expected.

The ideal scenario for Bears would be a successful daily close below the Previous Month Low at 93.4k and the daily 200EMA at 93.1k, which would further slow down the Bullish momentum, all though not completely invalidate the structure. As long as Bitcoin trades above 70k zone, the market retains solid conditions for forming a Higher Low on the higher time frame compared to the April low at 74.7k. 🤬 ⛔️ 😈