- BTC maintains support at $68,000, reinforcing bullish momentum and preventing further declines.
- An increase in Bitcoin price appears possible due to RSI standing at 48.02 and Stochastic RSI marking 6.64.
- The ongoing upward movement of Bitcoin might push its price toward the $90,000–$100,000 level during medium-term operations.
Bitcoin is currently trading at $84,636.08, reflecting a 0.5% increase over the past 24 hours. Bitcoin maintains its position above essential support levels even though market volatility occurred recently. The latest weekly chart analysis contains both price information and technical indicators which provide signals about future market courses over the next weeks.
Source:Coinmarketcap
Bitcoin Price Trends and Key Support Levels
Bitcoin’s weekly chart shows a well-established uptrend that has been developing over the past several months. The Bitcoin price shows bullish behavior while retracing from its high as it trades within a rising trend zone near the $68,000 support zone. Price at this level serves as a historic price support that prevents market values from going lower. The establishment of higher price bottoms reveals market strength because buyers act as a stabilizing force against selling actions.
Source:(X)
The chart shows a strong upward moving trendline which strengthens the bullish tendencies of Bitcoin. The ongoing trendline supports future price movements which may put $100,000 psychological resistance under pressure during medium-term analysis.
Technical Indicators Point to Potential Reversal
The RSI is currently at 48.02, indicating that Bitcoin is neither overbought nor oversold. The RSI shows a trend of forming increasingly higher lows that usually indicates a potential shift in market direction. A move of RSI above the 50 level will confirm the resurgence of bullish momentum during the upcoming weeks.
Source:(X)
The Stochastic RSI currently resides at 6.64 which signals a deep oversold territory with forming indicators under low levels. The energy of selling pressure has likely exhausted and a new upward trend may be starting. Strong price increases for Bitcoin often follow historical periods with these market conditions.
Market Implications and Future Outlook
Given the alignment of technical indicators and price action, Bitcoin appears to be entering a phase where a rebound is possible. . BTC may reach $90,000 to $100,000 if it sustains its support above $68,000. The price will retest $60,000 if support fails while Bitcoin continues to stay in an established long-term uptrend.
