BTC Weekly Chart Analysis:
Bitcoin is currently trading near $59,000 and has maintained this critical level, which now acts as strong resistance after multiple attempts to break through.
Key Levels:
1. Resistance at $59,000:
If Bitcoin can decisively break through this level and close above it on a weekly basis, it may trigger a strong upward movement toward higher targets.
2. Upside Targets After Breaking $59,000:
The next targets would be around $70,130 and $73,485, where significant short liquidation zones are located. Reaching these areas could add momentum to push Bitcoin even higher.
3. Technical Indicators:
The Stochastic Oscillator indicates the market is in an oversold region, which increases the chances of a bullish reversal.
Probability Breakdown:
Upside Probability: 70%
If Bitcoin breaks through $59,000 and closes above it, thereâs a strong likelihood of a bullish move towards $70,000 and beyond.
Downside Probability: 30%
If the price fails to break $59,000, a slight downward correction may occur, but as long as it holds above current support, any decline should be limited.
Summary:
Bitcoin is at a crucial point. A break above $59,000 strengthens the bullish outlook, with key targets between $70,000 and $73,000.$BTC
