This week's weekly chart movement is quite interesting, opening with a direct surge that didn't leave a lower shadow. It feels like the weekly opening price level still needs to be revisited, so watch out for the 58.9k-54.5k range.

$BTC | Update (1W)

If we observe the overall weekly structure, we can notice how the first weekly candle of this month gave us a decent dump to the downside, which ended up sweeping the previous local low.

After the sweep of the previous low, we saw a retest back towards the upside in the following week, where we rejected the previous weekly body lows.

Following that rejection, the last weekly candle retraced the entire bullish retest candle and closed below its open.

Now, the current weekly candle opened and pushed straight towards the upside, taking out the weekend highs and grabbing the liquidity resting above them.

Combining all of this together, we get a clear picture. The bears were dominant at the start of the month and targeted the liquidity at the lows. After that, we got a bearish retest for refueling bearish momentum, and now the bears are trying to push the price lower again.

We have liquidity building up around the previous weekly lows. As of now, we pumped straight up from the weekly open without any wicks to the downside, which means the weekly open region is likely to be revisited again.

If we lose the weekly open on the revisit, it opens the room for a move down towards the 58.9k-54.5k region this week.

On the other hand, if we hold the weekly open, it will validate a push towards the 65.7k region. Meaning, we will most likely remain range-bound until the end of this month.

Going into the monthly close, we're either going to see a strong impulse to the downside, or a slow boring sideways PA between 63.2k-67.5k.