Bitcoin recently hit its highest weekly closing price ever. Now, it’s in a bit of a holding pattern, testing key support levels before potentially making another big jump. Some analysts think this is just a quiet period before things get really exciting.
Key Support Levels Confirmed
Bitcoin closed above some really important price points last week, hitting a record high weekly close around $109,200. This confirmed a few things: it broke through a major resistance level around $109,000, and it established a crucial diagonal trendline as support.
Now, Bitcoin is retesting this resistance level. The goal? To turn that resistance into solid support. If it succeeds, it could pave the way for Bitcoin to reach new all-time highs. One analyst pointed out that because the price barely closed above the resistance, this retest is likely to be pretty volatile. However, there’s also strong underlying support that could help push the price up. Other important support levels, like the $104,400 mark and the June monthly close above $102,464, have also been successfully retested.
What’s Next for Bitcoin?
One analyst calls this current period “the calm before the storm,” suggesting that as long as this retest continues, Bitcoin is poised for another big price increase. However, for now, Bitcoin is stuck in a range between roughly $104,400 and $111,000.
Another analyst warns that the next few days are crucial. Historically, Bitcoin’s monthly highs and lows often happen within the first 12 days of the month. This month has been unusually quiet so far, but a big move – up or down – could be coming soon. There’s a possibility that Bitcoin might stay within its current range until late Q3 or early Q4, when a significant price increase might begin. A clear breakout from this range is needed before anyone gets too excited about much higher prices later this year.
As of now, Bitcoin is trading slightly down at around $107,973.
