๐ Weekly Bitcoin Analysis (BTC/USD)
โ๏ธ Current Market Price (CMP): $98,000
๐ Market Overview : As anticipated in our previous analysis, Bitcoin touched the $90,000-$91,000 support zone before staging a strong bullish recovery. Following the dip to $91,000 last week, Bitcoin has shown continued upward momentum, reinforcing the bullish outlook. The market is now nearing the critical resistance zone of $99,000, which remains a key psychological and technical barrier.
๐ Key Levels:
Support Zones: $95,000, $92,000, $90,000
Resistance Zones: $99,000, $100,000 (psychological level)
๐ Market Sentiment : The sentiment has turned bullish as Bitcoin continues its recovery from last weekโs low of $91,000. A successful breakout above $99,000 could pave the way for further gains.
๐ก Strategic Considerations:
#Upside Potential : A breakout above $99,000 could signal the start of a significant rally, targeting $105,000 or even $110,000 in the coming weeks.
#Downside Risk : If Bitcoin faces rejection at $99,000, it could lead to a consolidation phase or a potential retest of $95,000 or $92,000 before the next bullish leg.
๐ Strategy : Monitor the $99,000 level closely for a breakout. Consider buying on confirmed breakouts above $99,000, targeting $105,000. Alternatively, if rejection occurs, look for accumulation opportunities near $95,000-$92,000. The $90,000 level remains a strong support zone, and any retest of this level could again offer an excellent buying opportunity before Bitcoin resumes its bullish momentum.