BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 115.1k after one of the wildest rides this cycle a 17/20% drop depending on the exchange and a massive 19.14k B liquidation that wiped out both overleveraged Bulls and impatient Bears. From pure euphoria to raw fear in just a few days the market now stands at a crossroads. Can the Bulls hold the crucial 100k zone and reclaim momentum, or will the Bears deliver the decisive strike that seals the next major shift? 🌩 😈 🔪

A brutal shock for the Bulls after reaching the All Time High and Previous Week High at 126.2k, followed by a drop to as low as 102k on some exchanges! The last chance for the Bulls and Hopium and the real “last line in the sand” is the 100k zone and the weekly 55EMA 98.3k, as any successful daily close below it would open the door to the next support zone around 90k and a much worse case for Hopium.

Ideally, Bulls need to reclaim the daily 21SMA/55EMA around the 116k ish zone and, most importantly, not lose the weekly 21SMA at 112.8k as support, which would reignite sparks and give Bitcoin a legitimate chance to challenge the ATH at 126.2k. There’s a high probability of short term consolidation between the 116k/200EMA 108k/PreviousWeekLow 104.9k area (varies slightly by exchange) before the next significant move up or down. 🤯 ⚰️ 😳

Do the Bears have enough strength in their paws to strike once more and extinguish Hopium with new sharp move? An incredible Friday is behind us, possibly the most brutal Price Action the crypto market has seen so far. For a complete capitulation and a true market shift, Bears need a successful daily close below the 100k zone and the weekly 55EMA 98.3k, which would entirely invalidate the Bull structure and the chance for a new Bitcoin ATH anytime soon.

The “beginning of the end” and the “path to Mordor” could potentially unfold if Bitcoin loses the daily 200EMA 108k as support and achieves a successful daily close below the PWL 104.9 (varies slightly by exchange), pushing price into the 90k zone, where we might expect a temporary positive reaction before another drop toward the next supportive zone. Either way, it’s do or die for both sides, but right now the Bears have the upper hand over the Bulls. 👻 🎲 🐻