$BTC is sitting at a decision point, and the weekly chart is starting to look serious.
Bitcoin closed the week at $62,900, its lowest weekly close in 7 weeks. Price is still below the weekly 20, 50 and 200 MAs, while the typical 1-year bear cycle is also approaching its potential end around October.
But the chart isn’t purely bearish.
MACD has printed a bullish crossover, Stoch RSI remains bullish, and the broader market backdrop is showing strength with ISM near a 4-year high and the Russell 2000 at ATHs.
Now watch the range:
Resistance: $67K–$69K
Support: $62K, then $58K
The bigger picture is the interesting part.
BTC is being squeezed inside a $62K–$67K descending triangle, even after breaking below the weekly 200 MA. That kind of setup usually doesn’t stay quiet forever.
A clean break above $67K could open the door toward a much stronger recovery.
Lose $62K, and $58K becomes the next area I’d watch closely.
The chop won’t last forever. The breakout will tell us who’s really in control.
Bitcoin closed the week at $62,900, its lowest weekly close in 7 weeks. Price is still below the weekly 20, 50 and 200 MAs, while the typical 1-year bear cycle is also approaching its potential end around October.
But the chart isn’t purely bearish.
MACD has printed a bullish crossover, Stoch RSI remains bullish, and the broader market backdrop is showing strength with ISM near a 4-year high and the Russell 2000 at ATHs.
Now watch the range:
Resistance: $67K–$69K
Support: $62K, then $58K
The bigger picture is the interesting part.
BTC is being squeezed inside a $62K–$67K descending triangle, even after breaking below the weekly 200 MA. That kind of setup usually doesn’t stay quiet forever.
A clean break above $67K could open the door toward a much stronger recovery.
Lose $62K, and $58K becomes the next area I’d watch closely.
The chop won’t last forever. The breakout will tell us who’s really in control.