While Bitcoin retests the support band on the weekly chart where the uptrend continues, the price’s hold on the region between $74,917 and $76,000 continues to be decisive for the direction of the market. The retreat following the rapid rise in recent days has led to the creation of a new pressure area at critical support levels. It is claimed that if the price falls below the band in question, there may be a loss of power in the near term.
Support band stands out on the weekly chart
In the chart shared by analyst Daan Crypto Trades, it is seen that the Bitcoin price is moving around $78.388, but is declining towards the upward support band. This support band lies between $75,796 and $78,747 and is the main area that determines Bitcoin’s short-term direction. In the weekly period, the 200-period simple moving average is at $61,106 and the 200-period exponential moving average is at $68,800; These levels stand out as strong support zones in case the price moves lower.
According to Daan, a strong upward reaction from this area is necessary to confirm the rise. Otherwise, the recent price movement above the support band may not generate enough strength to ensure the continuation of the trend.
Especially the $75,000–$76,000 band is viewed critically. If Bitcoin completes its weekly close below this area, the possibility that the last technical upward movement is a trap may come to the fore. An upward reaction will support the maintenance of the positive price structure.
Weak reaction from 61.8% Fib level in the short term
On the 4-hour chart, Bitcoin’s reaction from the 61.8% Fibonacci retracement level is observed to be weak. In the chart of the analyst named Man of Bitcoin, it is stated that the BTC price is at $78.323 and after the short-term Fibonacci area of $77.851, $76.549 and especially $74.917 levels stand out.
The analyst emphasizes that it is important for Bitcoin to remain above the $74.917 level to maintain the upward road map. It is noted that if this support is lost, there may be a risk of the price falling between $73.357 and $68.433.
The $74,917 level stands out as the main line distinguishing whether a short-term pullback or a deeper decline will occur. If this support is lost, the lower band containing 0.5, 0.618 and 0.786 Fib levels may come to the fore.
On the other hand, for an upward move, the $78.779 region must first be overcome again. Then, the groundwork could be set for targets above $81,960. If there is a strong recovery, analysts state that highs such as $86.582, $89.529 and $94.621 may become possible again.
At this stage, Bitcoin price is trading just above the important support level, but unless there is a strong upward move from the 61.8% Fib, the pressure may continue. In the short term, it is closely monitored whether the price movement can return to the upper bands.
