Bitcoin price almost reached the $74k support area, which is critical for the bull run continuation.
This zone has acted as a strong resistance in the past, and a clean bounce from here could signal renewed strength and confidence in the market.
However, if this support fails to hold and BTC closes the weekly candle below the $70k level, it would likely mark the end of the current bull phase and signal the beginning of a distribution phase or even the early stages of a new bear market.
That doesn’t necessarily mean Bitcoin will crash straight to $50k — corrections are rarely that linear. But it would drastically reduce the chances of seeing new all-time highs in this cycle.
The next rally, if it happens, would probably be more muted and shorter-lived.
Hopefully BTC will manage to avoid this scenario and hold above the support area.
On the positive side, if BTC holds above $70k and we see strong demand stepping in, it could set the stage for a healthy bounce and continuation of the uptrend.
Still I expect that BTC will test 70k level and if we see strong buying pressure on that level we can expect some recovery.
This zone has acted as a strong resistance in the past, and a clean bounce from here could signal renewed strength and confidence in the market.
However, if this support fails to hold and BTC closes the weekly candle below the $70k level, it would likely mark the end of the current bull phase and signal the beginning of a distribution phase or even the early stages of a new bear market.
That doesn’t necessarily mean Bitcoin will crash straight to $50k — corrections are rarely that linear. But it would drastically reduce the chances of seeing new all-time highs in this cycle.
The next rally, if it happens, would probably be more muted and shorter-lived.
Hopefully BTC will manage to avoid this scenario and hold above the support area.
On the positive side, if BTC holds above $70k and we see strong demand stepping in, it could set the stage for a healthy bounce and continuation of the uptrend.
Still I expect that BTC will test 70k level and if we see strong buying pressure on that level we can expect some recovery.
Note
Bitcoin bounced from the support area at 74k and is currently trading above 85k, which is a very good sign for the bulls. This recovery indicates renewed buying interest and strengthens the short-term bullish sentiment.
The strong rebound from a key level shows that the market still respects this zone as a solid foundation for upward movement.
However, it's still early to confirm that BTC is fully back in a sustained bull trend.
For that to happen, the price needs to decisively break above the 92k resistance and establish support there.
A clear breakout followed by consolidation above 92k would signal strength and could trigger a fresh wave of buying, potentially pushing BTC toward new all-time highs.
A rise in volume accompanying the move above 92k would add further confirmation to the bullish scenario.
On the other hand, if BTC fails to break through or gets rejected at that level, we might see another retest of lower support zones.
Note
Bitcoin price is currently struggling to break above the 86k resistance level, indicating a possible weakening of bullish momentum in the short term. If BTC fails to break and hold above this critical level, it could trigger a retracement, potentially retesting the 80k support zone, where buying interest may emerge again.
On the other hand, a successful breakout above 86k, especially with strong volume, could confirm the continuation of the current uptrend.
In that case, the next target for the bulls would likely be the 90k region, which may act as the next significant psychological and technical resistance.
A period of consolidation before the next major move is also a possibility.
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✅ FYBIT exchange. I recommend. No KYC, available in all countries. fybit.com/Account/Register/OMNP5
🔥 My Twitter - x.com/Real_CryptoRoy
▶️ Telegram - t.me/Real_CryptoRoy
🔥 My Twitter - x.com/Real_CryptoRoy
▶️ Telegram - t.me/Real_CryptoRoy
Related publications
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.