Bitcoin Weekly Price Forecast
The past week saw Bitcoin’s price experience significant fluctuations. Early on, bearish pressure pushed the value down to the $84,000 support zone. However, buyers quickly stepped in at this level, driving the price upward toward resistance near $94,000. After reaching that peak, Bitcoin’s value slipped again to just under $88,000 by Sunday morning before rallying slightly to close the week at approximately $90,429. Looking ahead to this week, bullish traders are eagerly awaiting Wednesday’s FOMC meeting in hopes of a rate cut announcement that could create a more favorable environment for investments like Bitcoin and other assets. For bulls aiming to gain control of the market momentum this week, breaking above and holding over $94,000 will be crucial.
Current Critical Support and Resistance Zones
Bitcoin ended last week forming a doji candlestick on Sunday—signaling uncertainty between buyers and sellers. The short-term bias leans mildly bullish as investors attempt to surpass resistance around $94,000. Should they succeed in turning this level into new support territory, attention will shift toward overcoming major resistance near $101,000. Sellers may begin dampening upward momentum beyond roughly $96,000 though. Further hurdles lie at approximately $104,000 followed by a dense resistance cluster spanning from about $107K up through around $110K; these levels represent formidable barriers above the psychologically important six-figure mark.
On the downside front of support levels: maintaining daily closes above roughly $87,200 is vital for bulls seeking stability; failure here risks retesting lower ground near the key floor at about $84K—which weakens with repeated tests making it less reliable as a foundation point going forward. Beneath that lies another support band ranging between approximately$68K-$72K which could provide additional cushioning if prices fall further still before potentially settling around 0.618 Fibonacci retracement near ~$57,700 — although such deep retracements seem unlikely within several weeks if they occur at all.
This Week’s Market Perspective
The immediate momentum slightly favors buyers early in this trading period with technical indicators showing promise: The Relative Strength Index (RSI) on daily charts has been climbing steadily off its 13-day Simple Moving Average (SMA) baseline suggesting strengthening buying interest pushing RSI closer towards bullish territory above 60 points. Bulls hope continued respect for their 13 SMA line can sustain gains leading into Wednesday’s Federal Open Market Committee meeting where expectations hang heavily on potential rate cuts boosting risk asset appeal including cryptocurrencies.
If no easing measures emerge from policymakers during Wednesday’s session however, support levels around $84,000 may fail swiftly triggering renewed selling pressure.
Market Sentiment Overview: Predominantly Bearish – Despite modest rallies observed over recent fortnight intervals driven by bulls attempting recovery efforts, “lackluster” moves overall favor sellers who maintain upper hand currently.
Looking Ahead Over Coming Weeks
A bearish crossover visible via monthly MACD oscillator signals persistent downward influence likely extending through December into January unless substantial upside breakthroughs materialize counteracting negative trends. “Holding” sustained closes beyond long-term moving averages such as weekly SMA100 (~$84,700 entering current period) — a critical factor determining whether bulls can build lasting strength or succumb again.
Bulls face stiff challenges approaching heavy supply zones clustered near $110,000 plus,& nbsp;if reached price action might retreat causing formation of lower highs across weekly timeframes reinforcing bear conviction regarding an established longer-term top structure present now or soon forthcoming.
Glossary:
- Bulls/Bullish: An investor expecting prices will rise or actively buying assets hoping for gains.
- Bears/Bearish: An investor anticipating falling prices often selling holdings or shorting markets betting declines continue.
- Support Level: A price point where demand tends to prevent further decline temporarily but weakens after multiple breaches increasing likelihood of breakdowns below it.
- Resistance Level: A ceiling restricting upward movement initially but becoming vulnerable after repeated tests allowing eventual breakout higher possible afterward depending upon market forces involved.
- SMA: Simple Moving Average calculated typically using closing prices averaged over specified durations providing trend smoothing insights.
- Fibonacci Retracements: Mathematical ratios derived from golden ratio constants Phi(1&period618) and phi(0&period618), used widely among traders identifying potential reversal zones based upon natural growth patterns.
- Oscillators:& # 160 ; Technical tools fluctuating within bounded ranges measuring momentum shifts helping signal oversold/overbought conditions examples include RSI (Relative Strength Index) &- MACD (Moving Average Convergence Divergence).
- RSI Oscillator:& # 160 ; (Relative Strength Index): Momentum indicator ranging between zero – one hundred assessing speed changes in pricing movements where values exceeding seventy suggest overbought states while readings below thirty indicate oversold conditions.
- MACD Oscillator:& # 160 ; (Moving Average Convergence Divergence): Measures difference between two moving averages highlighting trend direction alongside strength providing buy/sell signals accordingly.
This analysis titled “Bitcoin Bulls Target Breakout Above $.94k Ahead Of Key FOMC Rate Cut Decision” originally appeared on Bitcoin Magazine authored by Ethan Greene – Feral Analysis along with Juan Galt.