BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 90.3k! For now, Bitcoin is barely squeezing through Gollum’s caves! The situation remains without any significant changes compared to last week, and Bulls once again find themselves on “thin ice” around the monthly/weekly close/open.

A positive sign is holding above the monthly 21SMA 87.8, but this still leaves the question behind whether the bounce from that level is enough to form a Higher Low and potentially continue into fresh bullish trend?! 🐻 😰 🐂

Despite the bounce, Bitcoin failed to push beyond the May low at 93.4k last week and continues to respect the daily 21SMA at 91.6k as dynamic resistance. Ideally for the Bulls this week, any successful daily close above the Previous Week High (PWH) at 93.1k and the May low at 93.4k would open the door for a potential continuation toward the June low at 98.3k, which sits in confluence with the weekly 55EMA, one of the key resistance levels ahead. Regardless, Bears remain firmly in control as long as Bitcoin trades below the Previous Year High (PYH) at 108.2k and the weekly 21SMA at 109k.

The first meaningful sign that the bearish narrative is at risk would be a reclaim of the June low at 98.3k together with the weekly 55EMA. For Bulls and Hopium, the crucial task this week is defending the Previous Week Low (PWL) at 85.2k on a daily closing basis. Failure to do so exposes Bitcoin to a retest of the local low at 80.6k, which has slim chances of holding and could send price sliding deeper into the mid/high 70k region. 🌜 🗿 🦄

Bears remain firmly on the wings of the Nazgûl, holding a strong position while Bulls continue to struggle with breaking resistance and maintaining support, suggesting Bitcoin is still not ready for any meaningful boom. The Bears have two simple tasks: keep the current key levels acting as resistance and secure any successful daily close below the PWL at 85.2k, which would immediately put the local low at 80.6k into question. Losing that level opens the door for a new Lower Low somewhere in the 70k region.

As long as Bitcoin trades below the weekly 55EMA 98.3k, Bears maintain a significantly stronger position. 🤮 💀 😵