BTCUSD Weekly Analysis
Bitcoin is currently trading around $88,638, showing strong recovery momentum after bouncing off the key 61.8% Fibonacci retracement level at $74,412, often referred to as the “golden pocket.” This bounce suggests that buyers are stepping in aggressively at this support zone, which has historically acted as a major turning point in bullish market structures.
On the upside, BTC has now reclaimed the 38.2% retracement level at $87,375, turning it into a short-term support zone. Holding above this level gives Bitcoin a clear path toward the next key resistance at $94,430, followed by a stronger resistance cluster around $96,211, where both Fibonacci and historical horizontal resistance align.
Technically, the weekly chart also confirms a breakout above the descending trendline, adding confluence to the bullish reversal. This move aligns with the Inverse Head & Shoulders pattern seen on the daily chart — a classic bullish formation that typically leads to strong upward continuation.
If BTC continues to hold above $87,000, the next short-term target would be $94,000–$96,000, and if that level breaks with volume, Bitcoin could be gearing up for a retest of its previous highs around $109,000. On the downside, $81,145 (50% retracement) and $74,412 (61.8%) remain critical support levels, with any break below $74K shifting the outlook back to bearish.
The chart structure, key Fibonacci zones, and bullish reversal pattern all point toward continued upside, with BTC needing to maintain above
87K to sustain the bullish trend.Note
94K TESTED 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.