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BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 91.4k! We are entering the new year with consolidation and indecision, and a decisive move awaits us in the coming days. Will Bulls step into the year with confidence, or will Bears continue to dictate the narrative and the pace? Acceptance above the 95k zone could open the door for an expansion toward 98k–100k, while rejection would likely bring renewed downside pressure. 🥂 🎩 🥂

Bitcoin remains in a sideways tone with mild constructive signs, but Bulls still fail to gain momentum and demonstrate real strength. A mini rally in the form of a bearish retest into the mid 90k region toward 100k is becoming increasingly likely; however, it is worth noting that as long as Bitcoin trades below the '24 Year High at 108.2k, Bears retain the upper hand and control the pace. For Bulls, it is crucial not to lose the Year Open at 87.4k and the Previous Week Low (PWL) at 86.7k on a daily closing basis.

Ideally for Bulls, a break through the 95/96k resistance barrier and a reclaim of the daily 55EMA 92.2k would open the door for a continuation of the mini rally, leading into a challenge of the weekly 55EMA 96.5k and the 98k zone. Without acceptance above resistance, Bulls won’t get far; every bounce should be treated with caution rather than as a reversal signal. 🟢 🐂 🐈

Bears are entering the new year comfortably, still holding a dominant position, circling above the cryptoverse with Nazgûls. Ideally for Bears, the 95k/96k zone should continue to act as resistance, while any daily close below the PWL at 87.6k would almost certainly send Bitcoin into a challenge of the '24 November low at 80.6k, as repeated reclaim failures continue to generate fresh selling pressure.

The main mission for Bears remains to break the '24 November low at 80.6k, which would open the door to the 70k zone and put the '24 April low at 74.4k to the test and into serious question. No bigger rally should be expected before Bitcoin reaches and properly respects the weekly 200EMA in the mid 60k zone. ❄️ 🐻 🔴

Simonas Brazionis

Blockchain Expert

Simonas is a crypto and blockchain expert with 6 years of experience. Passionate about the industry he educates others on blockchain technology, and continuously expands his knowledge. He has helped many newcomers understand crypto, navigate investments, and stay informed about trends like DeFi and NFTs.