BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its new week at 109.2k, still stuck in the upper range but showing signs of hesitation right under ATH. Bulls need a clean push above 110.5k to fuel a breakout, while Bears are patiently eyeing 105k cracks, whether this resolves into new highs or continues the summer range grind remains the key question. 🚀 🤔 🌩

After a strong reaction last week off the daily 21SMA and key 105k support, Bitcoin now faces a decisive test at resistance around the ATH. A successful breakout above this psychological and technical barrier could ignite a wave of Hopium and push Bitcoin into uncharted territory with new highs on the horizon! If Bulls manage to secure a daily close above the Previous Week High at 110.5k, a fresh ATH becomes almost certain. It’s crucial to defend the daily 55EMA at 104.8k and the broader 105k zone as support, while also maintaining daily closes above the Previous Week Low at 105.1k throughout the week. A potential loss of the 105k zone would likely slow down and shake short-term Bullish momentum. 💸 🚀 🦄

For the Bears, the play this week is any successful daily close below the Previous Week Low at 105.1k and the daily 55EMA at 104.8k, which would open the door for a move toward the June low at 98.3k. If that level fails to hold, the dip could deepen into the mid/lower 90k zone around the daily 200EMA at 95.7k and the weekly 21SMA at 96.3k, both of which currently act as strong dynamic supports. What currently supports the Bearish case is the fact that BBWP is hovering in an extremely low zone, indicating compressed volatility and suggesting an expansion phase is nearing, likely to deliver a stronger directional move. Looking at momentum indicators such as the Stoch or RSI, we can clearly see they are dancing in overbought territory on both the daily and weekly chart. Still, it’s worth noting that there’s no clear confirmation yet, and such momentum indicators can “dance longer” in overbought zones before turning. 🤬 📊 🌧