Bitcoin (BTC) is trying to hold onto a key support level after a bit of a dip on Friday. Analysts think the week could end strong for Bitcoin, even with some expected weekend price swings.
Bitcoin’s Breakout: Sooner or Later?
Bitcoin has been bouncing around the $105,000 to $110,000 range for the past few days. It briefly hit a two-week low earlier this week but recovered nicely. One analyst, Sjuul from AltCryptoGems, pointed out that holding above $104,000-$106,000 was crucial. Falling below that would likely mean a drop to around $101,000. But Bitcoin held, leading to a bounce, just as Sjuul predicted. He sees this as part of a larger upward trend, but cautions that the price is still within a two-month range, meaning more volatility is likely until a clear breakout happens. He’s watching the mid-range for confirmation of a move toward $110,000 and beyond, where he sees a lot of potential for further price increases.
Pivotal Closes and Weekend Volatility
Another analyst, Rekt Capital, notes that Bitcoin has broken out of some short-term downtrends but was rejected from a key longer-term downtrend around $108,000. Bitcoin closed above this level twice this week, but Friday’s drop put it back below. A successful retest hinges on closing above this resistance today. If it does, it could solidify the breakout.
Even more importantly, Bitcoin is close to breaking through a major weekly resistance level around $109,000. Closing above this would be a huge signal, potentially leading to a new all-time high. However, with the usual weekend price swings, the final outcome remains uncertain until the week ends.
