BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its new week at 108.3k, right at the edge of glory or the brink of another dip depending on who you ask. Bulls see flags, Bears see traps, but it might all just turn into another classic summer sideways saga. With a packed macro calendar ahead and Trump stirring talk of new tariffs on Canada, market moves could be cautious early on, especially with the U.S. Independence Day holiday on Friday likely to drain momentum quickly. 🐂 🏖 🐻

Bitcoin staged a sharp bounce from the 98k region, reclaiming ground swiftly before once again stalling just below the familiar 109/110k resistance zone. For the Bulls, the plan is to secure a daily close above the Previous Week High at 108.5k, which could potentially create conditions for an expansion and a challenge of the ATH at 111.9k. Ideally, price should hold above the daily 21SMA at 106.1k or at least above the 55EMA at 103.7k on daily closes throughout the week.

Any daily close above the ATH would once again open the door to uncharted territory. But level by level, feet on the ground, head in the clouds! We have a big week ahead with the monthly, quarterly and 6 month close tomorrow. ISM manufacturing data and US non-farm payrolls on Thursday could inject additional volatility in the coming days. 📞 🏝 🚀

After a short visit into the upper 90k zone, Bitcoin provided a positive reaction and returned once again to the same resistance around 109/110k, where it is struggling to reclaim the entire June range from the ATH at 111.9k. At the same time, price action is forming a Bull Flag (daily/weekly). Ideally for the Bears, and also a condition, would be to get any successful daily close during the week below the Previous Week Low at 99.8k, for a potential dip into the mid/lower 90k zone towards the daily 200EMA at 94.5k and the Previous Month Low at 93.4k, which for now seems like the maximum for the Bears.

What could potentially send Bitcoin into a test of the Previous Week Low at 99.7k is losing the daily 55EMA at 103.7k and the 103k zone as support overall. It should be taken into account that we are in the summer quarter when holidays prevail and there is a relatively strong chance of consolidating inside the “bull flag” pattern in front of autumn. Of course, this is not certainty but probability! We are also expecting another Trump “show,” once again with tariffs, and now Canada is in the spotlight! 👨‍💻 📉 💀