$BTC | Weekly
We are at a key point where this week’s close should provide a much clearer direction. This will help confirm whether the market has already formed a bottom or whether one last move to the downside is still needed.
A weekly close above 63.3k would be a strong bullish signal, by printing a Bullish Engulfing candle on the weekly chart and adding more confidence to the early bottom scenario.
If the bottom has already formed, the 60.6k–59.8k zone becomes the most important area to watch on any pullback. Liquidity has accumulated there during the recent rebound, making it a likely target. If price sweeps that liquidity, reclaims the level, and holds above it, that would be another solid confirmation that the low is behind us.
On the other hand, if we fail to close the week above 63.3k, the likelihood of another leg down during the next week or two remains high. Since much of this rally happened over the weekend and at the start of the month, a rejection here would not be unexpected.
For now, price is facing some resistance around 63.2k on the lower timeframes, which is why I’m still holding my short position while staying broadly neutral.
There are compelling arguments for both the bullish and bearish scenarios, so I’m staying flexible. Currently, I have 40% allocated in spot, which gives me exposure if the market has already settled into the bottom. If later we get a confirmed bottom, I’ll simply add at higher prices and continue to maintain a good average entry.
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