#Binance #NEWS

Technical Analysis of Bitcoin (BTC) on the Weekly Time Frame (1W)💢

Current context

Bitcoin has recently shown a notable uptrend, reaching significant price levels. However, as in any uptrend, corrections and returns to key supports are possible before resuming the ascent.⭐

Key Support: 61,000 USD

The USD 61,000 level is identified as critical support. This support could play a vital role in a potential price reversal for several reasons:🌖

Price History: This level acted as major resistance during previous increases before becoming support once crossed 🔥

Market Psychology: Round levels such as $60,000 or $61,000 often have psychological significance for traders and investors.🌼

3 Technical Analysis: Bollinger band analysis, moving averages (notably the 50 MA and 100 MA), and the RSI often indicate turning points around these levels.💢

Bullish Scenario

If Bitcoin finds strong support at USD 61,000, several future resistance levels can be targeted:💥

80,000 USD: First bullish target, often a psychological threshold and potentially a Fibonacci extension of 1.618.💥

$90,000: Next level, representing a Fibonacci extension of 2.618 and a potential new high.🔥

100,000 USD: Major psychological threshold and goal for many long-term investors.⭐

$150,000: More ambitious expansion, often based on longer-term projections and Fibonacci expansions beyond 3.618.🔥

$230,000: Very optimistic level, linking extreme forecasts based on market cycles and theories like the Stock-to-Flow model.💫