$BTC Weekly Chart Analysis:
Bitcoin is currently trading near $59,000 and has managed to maintain this critical level, which now acts as strong resistance after several attempts to break through it.
â«ïžKey Levels:
1. Strong Resistance at $59,000:
âą If Bitcoin can break through this level decisively and close above it on a weekly basis, it could initiate a strong upward wave toward higher targets.
2. Upside Targets After Breaking $59,000:
âą The next targets would be around $70,130 and $73,485, where there are large amounts of short liquidation zones.
âą These areas could provide additional momentum if reached, driving Bitcoin further up.
3. Technical Indicators:
âą The Stochastic Oscillator shows that the market is in an oversold region, supporting the likelihood of a bullish reversal.
â«ïžProbability Breakdown:
âą Upside Probability: 70%
âą If the price breaks the resistance at $59,000 and closes above it, there is a significant chance of seeing a bullish move towards $70,000 and beyond.
âą Downside Probability: 30%
âą If the price fails to break $59,000, it may experience a slight downward correction, but as long as it remains above the current support level, the decline will be limited.
â«ïžSummary:
Bitcoin is at a critical juncture. If it manages to break through $59,000, the bullish scenario will become stronger, with key targets between $70,000 and $73,000.
