Bitcoin is currently trading around $69,844, showing weakness on the weekly timeframe.
🔍 Key Technical Observations:
- RSI (6): 27.46 – Deeply oversold territory. - MA 50: $75,124 – Major resistance. - MA 200: $68,005 – Important support. - MA 300: $57,782 – Long-term support.
📈 Bullish Scenario: If BTC holds above the $68,000 support zone and buying pressure returns, we could see a recovery toward $75,000, followed by $90,000 and potentially higher levels.
⚠️ Bearish Scenario: A confirmed breakdown below $68,000 could bring further downside pressure.
💡 My View: Bitcoin is approaching an important decision zone. The next weekly candles could provide a clearer direction.
Are we preparing for a major BTC recovery, or is another correction coming?