Bitcoin Weekly Closes Above Range High Despite Crash From $107,000, Why The Bulls Are Still In Charge

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Bitcoin is currently trading around the $105,000 mark after a brief uptick to $107,000 in the past 24 hours. Notably, this marks the second time Bitcoin has rejected around $107,000 in the past few days. Despite this volatility,Bitcoin managed to close last week’s candle above a key resistance level that had capped its price action for weeks. This close, recorded just above the red horizontal line at $103,000, has introduced confidence in the continuation of the uptrend,and points to the bulls still in control of Bitcoin’s price action. Bitcoin Weekly Closes Above Range – First Bullish Step

Current Bitcoin price action shows that bullish investors and buyers are still controlling the momentum behind the largest cryptocurrency and, in essence, the rest of the crypto market. Notably, Bitcoin initially experienced a brief surge to nearly $107,000 over the weekend before retreating. Related Reading Bitcoin Macro Trend Oscillator Shows When To Expect The Price Top 23 hours ago

This price movement was followed by a dipto around $102,000, with the back-and-forth most likely being influenced by factors such as Moody’s downgrade of U.S. debt and investor reactions to potential interest rate cuts by the Federal Reserve.

However, in an interesting note, the BTC price managed to close above the $103,000 range during this first move to $107,000, which is very important in terms of technical analysis going forward. This sentiment is echoed by crypto analystRekt Capital on social media platform X, who pointed out the next step that might play out for Bitcoin. Post-Breakout Retest Underway, Says Rekt Capital

The $104,000 price level had previously acted as a stubborn ceilingthroughout much of the recent Bitcoin price consolidation between $102,000 and $104,000 since May 9. However, since breaking above this level, the ensuing price action has seen the Bitcoin price retracing towards this level after another rejection at $107,000. Related Reading Golden Ratio Multiplier Called Bitcoin Top In 2021 – Here’s What It’s Saying Now 2 days ago

According to crypto analyst Rekt Capital, the dip following the $107,000 rejection isn’t necessarily bearish.Instead, it could be part of a post-breakout retest, a pattern often seen in strong bullish structures. 

If this retest successfully confirms the former resistance as new support, BTC  could set the stage for a breakout into fresh all-time highs. As shown in the 1W Bitcoin price chart above, the red resistance level is very close to Bitcoin’s January 2025 all-time high around $108,780. Source: Rekt Capital on X

Furthermore, the chart shows that the recent breakout above the $90,000–$103,000 zone appears to mirror a pattern of Bitcoin’s breakout after a consolidation move, after another bounce from a low. In this case, the bounce occurred at the $75,000 lowin early April. 

If Bitcoin does rebound with enough trading volume around $104,000, this could provide the much-needed momentum for a move above $107,000 and finally above $108,700 again. At the time of writing, Bitcoin is trading at $105,555, up by 2.9% in the past 24 hours. BTC trading at $105,309 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com