Last week, Bitcoin buyers attempted to breach the $94,000 resistance level once more, but their efforts were met with swift selling pressure. The price retreated and ultimately closed the week at $90,891. Sunday’s candlestick formed a doji pattern, signaling market uncertainty and hinting at a possible bearish reversal. The bullish momentum appears to be waning as buyers struggle to maintain upward momentum beyond resistance. Consequently, bears seem poised to take control this week.
Looking ahead, sellers are likely aiming to push Bitcoin below the critical support of $87,000 in an effort to challenge the next key level at $84,000.
Current Support and Resistance Zones
The bulls will be hoping that support around $87,000 holds firm if downward pressure continues. Should this level fail under sustained selling activity, the next stronghold is near $84,000; however it could weaken if bears persistently press lower. A decisive break beneath this point may accelerate declines toward the low-$70K range—with closing prices below approximately $68,000 confirming loss of that support zone.
If prices fall further still past these levels bulls might seek strength near the 0.618 Fibonacci retracement around $58,000 for potential recovery opportunities.
On resistance fronts in the short term: bears are expected to defend roughly around $91,400 while maintaining vigilance over the major barrier at about $94K which has so far held firm against upward attempts by bulls.
If buyers manage enough forceful rallies above that threshold they will face another cluster of resistances stretching from roughly $98K up through approximately $103, 500—beyond which lies yet another hurdle between about $106, 000 and $109, 000 coinciding with a 0.618 Fibonacci retracement calculated from previous peak declines down toward ~$80K.
This Week’s Forecast
Bulls appear weakened after last week’s retreat and require renewed vigor soon in order not lose ground further.
Bears may attempt early-week pushes targeting sub-$87k closes. Bulls must defend this floor vigorously since any daily close beneath it threatens heavier losses towards critical supports like $84k.
A failure here would demand significant buying volume for bulls aiming to stabilize prices again near these pivotal zones.
Market sentiment: Bearish. The weekly shooting star doji candle suggests fading bullish energy while giving bears slight upper hand heading into new trading days.
The coming weeks: Expect choppy price action confined within defined ranges unless one side decisively breaks out above or below key boundaries.
Bulls need clear closes beyond $94k for sustained upside momentum whereas bears want decisive breakdowns under ~$84k support.
Between these levels lies neutral territory where tug-of-war between buyers &&sellers will likely continue until breakout occurs.
Glossary
– Bulls/Bullish: s&l&e&r&s expecting rising prices.
– Bears/Bearish: i&nvestors anticipating falling markets.
– Support Level: a price point where downward moves often pause or reverse initially but weakens with repeated tests.
– Resistance Level: a ceiling preventing upward moves temporarily but loses strength after multiple attempts are made against it.
– Shooting Star Candle: a candlestick characterized by long upper wick following an uptrend indicating strong selling pressure potentially marking trend exhaustion.
– Doji Candle:</b]&am;p# a candle whose open/close are nearly identical signaling indecision possibly preceding reversals when appearing after trends .
– Fibonacci Retracements: Ratios derived from golden ratio constants Phi (1&period618) and phi (0&period618), used widely for identifying potential reversal points based on natural growth patterns.
This analysis originally appeared on Bitcoin Magazine authored by Ethan Greene – Feral Analysis alongside Juan Galt .