Bitcoin Weekly Analysis

We are still hovering around $64K after Bitcoin respected the $54K - $60K demand zone that I have marked over the past few months. This recovery confirms why I call it such a profitable area to take a few quick trades.
In the short term, I expect this recovery to move upward to test the $68K - $72K resistance zone, but after that, my overall outlook on the market doesn’t change.
One thing we need to consider is the repeated testing of this $54K - $60K support area. Repeated tests on the support naturally weaken buyers’ conviction over time and increase the chances of a breakdown if there is any further rise in selling pressure. Of course, we can never know for sure.
Therefore, for now I will continue trading this range:
• Go long near the $54K - $60K support.
• Reduce the position (scale out) or look for a short setup in the $68K - $72K resistance area.
The market is still locked in tight consolidation, and periods like this often create the liquidity needed for a larger directional move to happen. As price rises, market sentiment becomes more euphoric as well. Relief bounces usually push people to think that a new uptrend is forming. It’s during periods like these that risk management becomes even more important.
My perspective remains cautiously bearish on the higher timeframes, and this latest rebound hasn’t really changed the overall structure.
I still hold the expensive short that I started and I’m patiently waiting at the $68K - $72K levels for an opportunity to add exposure if price gives a clear signal to do so.
As usual, this is my way of trading and not financial advice; manage the risk of your trades, stay patient, and wait for confirmation.
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