BTC BULLKey Observations:
Uptrend Confirmation:
Bitcoin has maintained a clear bullish structure, printing consecutive higher highs and higher lows since the start of 2023.
The parabolic move from the $49,000 breakout has led to a sharp rally toward $106,869 (current level).
Key Support and Resistance Levels:
Support:
$100,000 - Key psychological support
$73,835: This is the previous major resistance that has now flipped into support. If BTC pulls back, this level will be critical for maintaining the bullish structure.
Resistance:
No significant overhead resistance exists as BTC is in price discovery. Key psychological levels like $120,000 and $130,000 could act as magnets for price.
Volume:
Volume has been increasing alongside the rally, confirming that this move has strong participation and is not purely speculative.
Sustained volume at higher prices is a bullish sign that the breakout has conviction.
RSI Analysis:
The RSI is currently in the overbought territory (above 70), sitting near 80.
Historically, in bull markets, weekly RSI staying elevated for an extended period is common, so overbought conditions don’t necessarily mean an immediate reversal.
Moving Averages:
50-Week SMA: Trending sharply upward and currently around $73,000, reinforcing it as a key support level.
200-Week SMA: Sits far below around $49,000, marking the long-term bull/bear cycle boundary.
Key Thoughts:
Parabolic Move and Healthy Pullback:
Bitcoin’s sharp rally suggests we are entering the euphoric stage of the bull market, where strong upward moves can happen in a short period.
However, parabolic moves often lead to steep pullbacks for reaccumulation. A retest of the $73,835 support zone would be healthy and expected.
4-Year Cycle Alignment:
This move aligns with the Bitcoin 4-year halving cycle. Historically, BTC experiences significant upward momentum in the year leading up to and after the halving.
If the pattern holds, Bitcoin could target new highs over the next 6–12 months.
Price Discovery Mode:
With BTC breaking above all historical levels, there is no technical resistance to cap price movement.
Psychological levels such as $120,000 and $150,000 could act as round-number resistance targets.
Bitcoin remains firmly bullish on the weekly chart, with price discovery underway and no historical resistance. While short-term overbought conditions suggest caution, the macro uptrend remains intact as long as BTC holds above $73,835. Dips into key support zones should be viewed as buying opportunities. Long-term targets include $120,000–$150,000 if the 4-year cycle continues to play out.
