Weekly Bitcoin Analysis

We are still hovering around $64K after Bitcoin respected the $54K - $60K demand zone that I marked over the past few months. This recovery confirms why I refer to it as such a favorable 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 market outlook remains unchanged.
One thing we need to consider is the repeated testing of this $54K - $60K support area. Repeated testing of the support area naturally weakens buyers’ conviction over time and increases the chances of a breakdown if there is additional selling pressure. Of course, we will never know for sure.
Thus, for now I will continue trading this range:
• Go long near the $54K - $60K support.
• Reduce positions (scale out) or look for a short setup in the $68K - $72K resistance area.
The market is still tightly locked in consolidation, and periods like this often create the liquidity needed for a larger directional move to occur. When price rises, market sentiment also becomes more euphoric. Relief bounces usually push people to think that a new uptrend is being formed. For periods like this, risk management becomes increasingly important.
My perspective remains cautiously bearish on higher time frames, and this latest rebound hasn’t really changed the overall structure yet.
I’m still holding my expensive short that I started and will patiently wait at the $68K - $72K level for an opportunity to add exposure if price gives a clear signal to do so.
As usual, this is how I trade and not financial advice; manage the risk of your trades, stay patient, and wait for confirmation.
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