Bitcoin: Key Weekly Resistance Still Holding

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Bitcoin: Key Weekly Resistance Still HoldingBitcoin / TetherUSBINANCE:BTCUSDTDukesMarketAnalysisWeekly resistance holds firm Bitcoin continues to struggle beneath the $66,000 resistance zone, an area that has repeatedly acted as both support and resistance since March. So far, the bears continue to defend this key level. Moving averages remain bearish The 100/50-day EMAs remain bearishly crossed, with price once again finding resistance around those moving averages. Until this structure changes, the higher-timeframe trend remains cautious. Medium-term trend still intact Despite the latest rejection, Bitcoin continues to produce a series of higher highs and higher lows since the July 1 low. For now, the medium-term trend still deserves respect. Momentum remains neutral RSI continues to chop around the 50 level, reflecting the lack of clear momentum. Meanwhile, StochRSI is falling but has yet to reach oversold territory, leaving room for further weakness. Support now becomes key The $63,100 level remains the first area of support. A break below would weaken the current medium-term structure and shift the focus towards the stronger Fibonacci confluence around $61,297. In Summary Bitcoin remains trapped beneath the important $66,000 weekly resistance zone, with bears once again defending this area. Although the 100/50-day EMAs remain bearishly crossed, the medium-term uptrend from the July 1 low is still intact. A move back above $66,000 would strengthen the bullish case, while a break below $63,100 would weaken the current structure and expose the $61,297 support zone.