Bitcoin’s movement during this week is governed by two main scenarios, primarily depending on nearby support and resistance levels:
1. The bullish scenario (continued recovery)
Condition: The price must absorb the current selling pressures and break through the $64,000 to $65,000 levels, holding above them.
Target: If there is a clear close above the $65,000 level, the short-term upward trend will be confirmed, opening the way to target $67,095 and then $74,000. Optimism has recently increased, supported by U.S. inflation data coming in below expectations, which eased pressure on high-risk assets.
2. Bearish scenario (return for correction)
Condition: Failure to break through the resistance at $63,900–$64,500, or breaking the nearby key support level at $62,700–$62,800.
Target: Break this region, and trading below it will open the door to a retest of the strong psychological support level at $60,000. And if selling pressure increases and this level does not hold, the correction may extend to visit the $58,260 to $57,660 zones before new buy orders appear.
Weekly summary: The market is going through a phase of anticipation (bewilderment). Stabilization above $62,800 keeps the short upward channel intact, while testing the $65,000 area is the deciding factor in determining whether we’ll see a strong rally or a return to the downward path. It is recommended to monitor daily closes carefully to confirm the direction.
