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Bitcoin Weekly Analysis: Key Support and Next Targets of $BTC !

Updated

Analyzing the #Bitcoin chart on the weekly timeframe, we observe that after entering our targeted supply zone, the price experienced an initial correction and dropped to $63,500. Subsequently, it encountered increased demand and was able to rise to $70,000 yesterday. As we know, 70K is a significant psychological resistance level, so the price reacted to it and is currently trading around $66,600. We need to see if the price can stabilize above the support range of $62,700 to $63,500. If it holds above this support level, we can anticipate further growth in Bitcoin, with the next targets being $72,000, $73,777, and $77,000.

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Note

By analyzing the Bitcoin chart in the weekly timeframe, we can see that after reaching the resistance level of $70,000, the price faced a correction and dropped to $64,630. Currently, the price is trading around the demand zone of $64,000.

The main resistance level on the chart is at $70,000. If this level is broken, the next targets could be $72,000, $73,777, and $77,000.

On the other hand, if the price fails to hold the support level at $64,000, there is a possibility of further correction to the $61,000 range and even lower. Therefore, it is advisable to act with caution and apply proper risk management during these sensitive and volatile market conditions.

Note

By analyzing the #Bitcoin chart on the weekly time frame, we observe that as previously mentioned, the price encountered resistance at the $70,000 level and underwent a correction, dropping to $60,500 until a few hours ago. However, it quickly rebounded due to renewed demand and is currently trading around $62,120. There are two significant zones to watch for a potential reversal: the $60,800 to $62,700 range and the $50,600 to $56,000 range. We need to wait for the weekly candle to close to better predict the next trend. (The risk of war remains high in the market and can significantly impact all markets.)

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