BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 67.8k! Bulls failed again under the daily 55EMA 72.6k and with that BTC is still respecting the bear flag structure! Can Bulls hold the 60k zone and potentially grab a bounce at least toward 80k, or will Bears once again fly upon the cryptoverse on Nazgûls’ wings and routinely capitulate on the third bear flag which takes BTC into the 50k zone!? Some would say that crypto is behaving “solid” considering the escalation of the conflict in the Middle East, but one must stay objective and take into account that the broader trend has not changed, nor been compromised at all, and BTC is moving completely within the framework of a broader corrective structure. 🌈 👺 😳

Bulls again on thin margins! The dance on the weekly 200EMA 68.3k seems to be coming to an end, Bulls must show horns this week, otherwise they will be searching for a spark of Hopium on the slopes of Mordor somewhere in the 50k zone! Crucial for Bulls is not to lose 60k and the weekly 200EMA 68.3k as support, any break below followed by any daily close below is another nail in the coffin! Ideal for Bulls is to hold above the weekly 200EMA 68.3k and fight for any successful daily close above the daily 55EMA 72.6k and Previous Week High (PWH) 76k for a potential challenge of the November low from 2025 80.6k. Anything below that leads into a deeper reset and the spark of Hopium and a more significant bounce can be expected from a lower support zone. 😇 🟢 😢

Darkness once again looms over the cryptoverse, Bears are once again flying on the wings of Nazgûls… The market has already bounced significantly from 60k but Bulls cannot establish strong momentum which puts Bears in a good position to checkmate Bulls once again! Ideal for Bears is to stay below PWH 76k and the daily 55EMA 72.6k on a basis of daily closes. For a new capitulation it is crucial to break the February low of 60.1k where the situation becomes very interesting considering a favorable supportive price range from 48.9k to 56.4k, where we can potentially expect a more serious reaction from Bulls and a bear market rally! 🔪😎 😂