Bitcoin Weekly Chart Analysis – Key Support and Resistance Levels
Market Overview
Bitcoin (BTC/USDT) has seen a strong rally followed by a correction, and traders are now assessing whether this move is a temporary pullback or the beginning of a deeper decline.
- Current Price: ~$67,289
- Weekly Change: +4.40%
- Volume: Holding at moderate levels, requiring strong buying momentum for further upside.
Key Support Levels
- $61,762 – 63,430 (EMA Support Zone)
- This range aligns with EMA 7 & 14, serving as dynamic support.
- If this level holds, Bitcoin may form higher lows and maintain an uptrend.
- $58,000 – $60,000 (VPVR Support Zone)
- This region has historically seen high trading volumes.
- VPVR (Volume Profile Visible Range) analysis indicates strong accumulation at this level.
- $50,000 – $52,000 (Structural Support)
- If BTC falls below $58K, the next key support zone is here.
- Losing this level would threaten the long-term bullish structure.
Key Resistance Levels
- $74,792 – $75,000 (Recent High Resistance)
- BTC faced rejection at this level with strong selling pressure.
- A breakout above this level could signal a move toward all-time highs.
- $88,000 – $90,000 (Bollinger Band Upper Resistance)
- Bollinger Band analysis shows BTC pulling back after hitting the upper band.
- If momentum strengthens, this zone may be tested again.
- $100,000 (Psychological Resistance)
- If BTC sustains bullish momentum, this will serve as a major psychological resistance.
Technical Indicator Analysis
1. Volume
- Weekly volume is declining, indicating weakening buy-side momentum.
- A breakout above $75K requires significant volume increase.
2. MACD (Momentum Indicator)
- MACD histogram is weakening, suggesting a decline in upward momentum.
- A bearish MACD crossover could indicate further downside risk.
3. Stochastic RSI
- Currently in the oversold zone, signaling a potential short-term rebound.
- Prolonged oversold conditions could lead to deeper corrections.
4. RSI (Relative Strength Index)
- Currently at 62.59, positioned in the neutral-bullish zone.
- A drop below 50 could act as a bearish signal.
5. ATR (Average True Range)
- High ATR values indicate strong market volatility.
- Expect large price swings in the short term.
Conclusion – Bitcoin’s Future Movement
- If BTC holds above $63K, the bullish structure remains intact, with a potential retest of $75K.
- If BTC drops below $58K, expect further downside toward $50K support zone.
- A breakout above $75K could trigger a rally toward $88K – $100K.
Final Strategy:
- Long Entry: Look for strong buy signals around $63K – $65K.
- Short Entry: Consider bearish setups if BTC falls below $58K.
Arthur Hayes’ Bitcoin & Market Outlook
Arthur Hayes, co-founder of BitMEX, recently shared his insights on Bitcoin and the global macroeconomic landscape. Here are the key takeaways:
1. Liquidity & Federal Reserve Policy
- Hayes emphasizes that Federal Reserve liquidity injections are the biggest driver of Bitcoin’s long-term growth.
- If financial instability rises, central banks may print more money, pushing Bitcoin prices higher.
2. Bitcoin as an Inflation Hedge
- He views Bitcoin as the ultimate inflation hedge and a safeguard against financial system risks.
- Increasing economic uncertainty will likely drive more institutional adoption of Bitcoin.
3. Market Cycles & Leverage Risks
- Excessive leverage can destabilize markets, leading to extreme volatility.
- Recent pullbacks may have been triggered by leveraged position liquidations.
4. Long-Term Bitcoin Price Target
- Hayes maintains a long-term price target of over $1M for Bitcoin, citing continuous fiat currency debasement.
- However, short-term corrections remain a significant risk, requiring traders to manage positions carefully.
Final Summary
- Bitcoin is at a crucial turning point; holding $63K support could lead to further upside.
- Arthur Hayes remains long-term bullish but warns of leverage liquidation risks.
- Federal Reserve policies and global liquidity remain key factors influencing Bitcoin’s trajectory.