BTC/USD – Market Outlook | Week 30Bitcoin / TetherUSBINANCE:BTCUSDTTrongvinh-FA25Bitcoin has posted three consecutive weeks of recovery since the beginning of July, following an extended period of sustained selling pressure. The current major support level remains at $57,800, while the market is now facing a significant psychological resistance around $67,000. On the Daily (D1) timeframe, the recovery rally is beginning to show signs of exhaustion as price approaches the $67,000 resistance zone. Bullish momentum has weakened, evidenced by the emergence of multiple bearish candlestick formations and the recent pullback toward $64,500. The next key short-term support on the D1 chart is located around $61,000, where previous horizontal support converges with the 61.8% Fibonacci retracement level, creating a strong technical confluence zone. Key Scenarios for Next Week Scenario 1 – Bullish Recovery Bitcoin corrects toward the $61,000 support zone, successfully holds this level, and resumes its upward momentum into the end of July. Such price action would suggest that bearish sentiment is gradually fading and could pave the way for a stronger recovery throughout August. Scenario 2 – Bearish Breakdown Bitcoin extends its correction and decisively breaks below the $61,000 support, leading to a new downside leg and potentially establishing a new cycle low below the current $57,800 bottom. This would represent a significantly bearish development for the broader market outlook. Market View The primary catalyst for Bitcoin during the remainder of July is likely to be the outcome of the upcoming FOMC meeting at the end of the month. From my perspective, I currently maintain a bearish bias. I believe the probability of Bitcoin extending its decline and printing a new lower low remains higher than a sustained bullish continuation. Nevertheless, price action around the $61,000 support zone will be the key technical level to monitor before confirming the next directional move. Let's see how the market unfolds in the coming week. Disclaimer: This analysis is based primarily on technical analysis and reflects the author's personal market perspective. It is intended solely for informational and educational purposes and should not be construed as financial or investment advice. Investors should conduct their own research and carefully assess their individual risk tolerance before making any investment decisions. Keep Calm & Enjoy Trading!