BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 76.9k! Weekends are usually slower, but ongoing global turbulence has clearly spilled over into the cryptoverse. Will the Israel/Iran situation further empower Bears to dictate the pace and achieve their targets, or will there still be some room for a small Hopium spark? Either way, February is shaping up to be an interesting one. 🪂 🕯 🔫

The Hopium flame is barely flickering, and Bulls are failing to find a solution even with the help of Elves and Hobbits. Crucial for Bulls is to get any successful daily close during the week above the Previous Week High (PWH) at 90.4k, monthly 21SMA 88.9k also reclaim both daily 21SMA 88.8k & 55EMA 89.8k back into support in order to even get a chance. Anything less than that is nothing more than a bear bounce and confirmation of resistance. Ideally, price would hold above the ’24 April low at 74.4k on a daily closing basis, however this currently looks less likely, and it is far more probable that we see Sell Side Liquidity (SSL) taken below 74.4k which can lead Bitcoin towards the weekly 200EMA 68.4k, which is in confluence with the ’21 ATH at 68.9k, where we could potentially expect some kind of positive reaction AKA bear bounce, that could eventually lead price back toward the year open at 87.4k before continuation. It appears that the rejection from the weekly 55EMA three weeks ago was decisive for Hopium. I will remind you of one of the previous Garfield Day analysis (29th December 2025 – bear part), where a more decent positive reaction is realistically expected in the lower 60k zone once Bitcoin completes roughly a full 50% correction. 😞 😇 😳

As time goes on, Bitcoin is moving “deeper and deeper into Mordor” as Bears and Nazgûls clear support after support, zone after zone. The mission “November low ’24 at 80.6k” is completed, and the new short term mission for Bears is for the April low ’24 at 74.4k to be taken out. A short consolidation with a potential minor bounce is very possible before a move lower toward the weekly 200EMA 68.4k and the '21 ATH 68.9k, which acts as a macro support that still needs to prove itself in the coming weeks. Alongside this new mission, it is ideal for Bears to remain below the monthly 21SMA 88.9k and the year open on a daily closing basis, and any successful daily close below the weekly 200EMA 68.4k would very likely push Bitcoin toward the monthly 55EMA 63.2k somewhere in the lower 60k zone. 👼 😎 😈