#BTC Technical Analysis

Last week’s weekly candlestick was a bullish engulfing pattern, indicating a potential reversal. Currently, the market remains in a consolidation phase without a confirmed breakout of the trendline. This week’s high is still around 70,300 and faces resistance. The weekly chart continues to move within a downward channel in a sideways consolidation. Key support below is around 66,500 (ascending trendline). If the price breaks below the previous low of 66,500, the downside space could open up; otherwise, a continued sideways upward movement is expected.

Key resistance levels: 70,300, 72,000 (previous high);

On the weekly chart, the MACD momentum histogram is shrinking, and the RSI has formed a bullish crossover, indicating strengthening;

On the daily chart, the price has broken out of the descending channel, showing a bullish bias. The price is operating within an upward rebound channel. Continued focus on resistance around 70,400 (middle of the channel). If the middle of the channel holds, there is potential to challenge the previous high in the 71,800-72,000 resistance zone;

Key support levels below: 66,500 (trendline and previous low support), 66,000 (previous low support);

Overall, the trend is oscillating with a bullish bias. The daily chart has turned bullish, but resistance above remains strong. The MACD and RSI on the daily chart show bearish crossovers, but the bullish indicators favor a rebound. Short-term focus should be on the 4-hour chart, looking for trading opportunities as they arise.