BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 73.8k! Bulls had a strong week behind them, but the real test is now ahead. The latest expansion pushed price straight into the weekly 21SMA, which acted as resistance and kept BTC within the bear flag structure. The Orange man continues to play a major role with his TACO “negotiations,” to which the market remains highly sensitive. Price is currently trading within the 60k–80k range, but multiple factors are still leaning in favor of the Bears. Can Bulls reclaim key levels and push for expansion above 80k, or will Bears once again capitalize on the geopolitical noise? 🕊 😠 🔫

Bulls and Hopium are on trial this week! To keep the Hopium flame alive, Bulls must hold the daily 55EMA 72.1k and 21SMA 71.8k as support and stay above the weekly 200EMA 68.5k and the 2021 ATH at 68.9k on a daily closing basis. Ideally, Bulls should maintain price action above the Previous Week Low (PWL) at 70.5k on daily close basis, but what’s truly crucial for further Hopium progress is a successful reclaim of the Previous Week High (PWH) at 78.3k and the weekly 21SMA 77.5k. If Bulls manage to show strength at certain levels, it will open the doors for a challenge of 80.6k and the daily 200EMA 82.7k levels which, unless rejected, could lead to expansion toward the Year Open at 87.4k and monthly 21SMA at 89k. Without reclaiming the weekly 21SMA 77.5k as support, the entire bullish case falls apart. 🦄 🟢 🐈

Bears remain calm while the market and Bulls grow increasingly uneasy amid the ongoing geopolitical tensions. The weekly 21SMA 77.5k has proven to be a worthy obstacle for Bulls, and it is crucial for Bears to keep BTC below it on a daily closing basis. Ideal for Bears is to see the 70k zone lost as support, which would almost certainly push BTC into a test of the April low at 65.6k, a relatively weak support that separates Bulls from the critical task of defending the February low at 60.1k, acting as the last line in the sand for Hopium. Any further escalation in the Middle East continues to play in favor of Bears and strengthens the selling pressure. 🔫 😎 🏀