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Will Bitcoin’s Historic Weekly Close Survive the Weekend Volatility? Here’s What Analysts Predict!
In recent bitcoin news, as the market experiences a retraction on Friday, Bitcoin is striving to reclaim a significant support zone. An analyst has indicated that today’s closing performance could herald a bullish conclusion to the week despite inherent fluctuations. At the outset of the new quarter, Bitcoin retested pivotal levels, swinging between the $105,000 support and the $110,000 resistance, indicating a volatile yet opportunistic market landscape.
During a pullback earlier this week, Bitcoin dipped to a two-week low but resiliently bounced back from a key price range. According to Sjuul from AltCryptoGems, a strong recovery from the crucial $104,000 to $106,000 support and resistance area was essential. Failure to maintain this could have led to a drop toward the $101,000 lows. Fortunately, Friday’s market activity saw Bitcoin maintain these critical levels, setting up an optimal bounce as anticipated.
Sjuul also emphasized that Bitcoin is progressing in its two-month Power of Three (Po3) setup, hinting at possible further advancements. However, he noted that Bitcoin continues to oscillate within a two-month trading range, which suggests that the price action will remain volatile until a clear breakout is achieved. He remarked, “Since we are in a range, we must respect the key levels: high, mid, and low,” highlighting the current focus on the mid-range where bulls are expected to rally to push the price toward the range high.
Furthermore, Sjuul forecasted another surge past the $110,000 mark, pointing to a significant liquidity cluster near the $111,000 area on Bitcoin’s Liquidity Heatmap. “Price is attracted by liquidity, so I expect that level to be tested sooner or later,” he added.
Analyst Rekt Capital also provided insights, noting that after being rejected from the $108,000 mark earlier in the week, Bitcoin had successfully closed above this resistance twice, reaching above $109,000 on Thursday. However, a pullback on Friday saw a drop to the $107,245 region, necessitating a crucial retest of the pattern. “Bitcoin is momentarily losing the diagonal, but a daily close above it would confirm this as merely a downside wick of a volatile retest,” he explained.
As we approach a potentially historic weekly close, all eyes are on whether Bitcoin can sustain the upward momentum. Rekt Capital highlighted that a close above the final major weekly resistance around $109,000 could signal a significant breakout, potentially setting the stage for a new all-time high.
The outcome of this weekend’s trading is crucial, and as the volatility unfolds, the next weekly close will determine if these levels have transformed into robust support zones. For more insights on cryptocurrency trends and analysis, visit our cryptocurrency section. Additionally, for those interested in engaging with the market, consider exploring opportunities through Binance.
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