BITCOIN Everyone Watches 62k. The Chart Shows The Key Test BelowBitcoinCRYPTO:BTCUSDTheCryptagonBitcoin is currently testing a key bottom formation around 50,000, visible on the weekly chart. This area has historically acted as a strong support, marking the lows of previous market cycles. Price is near its 1-week MA200, which has previously supported trend continuation, making this a critical juncture for both bulls and bears. Trend Structure Long-term trend: overall ascending channel from 2020 lows to 2025 highs. Short-term trend: recent lower highs and consolidation within the bottom formation. Multi-cycle support area: ~50,000 level marks potential bottom for current cycle. The chart shows the market in a short-term consolidation near a historically significant support zone. Support / Resistance Support Zone: 50,000 (current bottom formation) Next Support: Below the formation, no immediate visible levels on this chart. Resistance: Descending line from previous highs (~75,000). Breaking 50,000 decisively would challenge the intermediate bullish trend. Moving Averages 1-week MA50: 91,727 — above price, confirming short-term weakness 1-week MA200: 62,016 — near current price, acting as dynamic support 1-week SMA350: 47,615 — providing long-term structural base Price interacting with MA200 highlights this as a critical trend test. Indicators Visible RSI (14) at 33.90 — nearing oversold territory Momentum is weakening, indicating short-term bearish pressure Potential for a temporary bounce due to oversold conditions Chart Pattern Bottom Formation clearly visible near 50,000 Previously established higher lows and descending trendline converge at this zone Pattern suggests consolidation before the next major directional move Momentum Short-term momentum favors sellers, with RSI below 40 Longer-term trend remains constructive as price is above SMA350 Bullish Scenario Support at 50,000 holds Price rebounds toward upper trendline (~75,000) Oversold RSI could trigger buying pressure for a short-term rally Bearish Scenario Support at 50,000 fails Measured move targets previous multi-year support (~47,615 SMA350) Momentum remains negative, confirming short-term weakness Key Conclusion Bitcoin is approaching a critical support zone around 50,000. The market’s reaction here will likely determine the next major directional move. Discussion Question: Do you think Bitcoin will defend the 50,000 bottom formation, or are we heading lower?