Bitcoin (BTC) has seen a 4% bounce from the lows to retest a crucial resistance level, which could determine whether a breakout or a breakdown is next. Meanwhile, an analyst suggested that BTC’s final leg up and cycle peak could come in the coming weeks.
To the market watcher, Bitcoin needs to close above $110,700 for a meaningful rebound, as a confirmed breakout above this level could set the stage for a retest of $113,500.
On the contrary, failing to reclaim this resistance will likely reinforce bearish momentum and deepen the correction, the analyst warned, adding that “the SuperTrend indicator also aligns with this zone, maintaining a bearish posture at $110,700.”
Based on this, the $108,000 level is a key area for the bulls as it serves as a crucial bounce point. Holding this level would “confirm BTC’s strength on the higher timeframe, showcasing a formidable price action with resistance flipping and retesting.”
To Sjuul, Bitcoin is at a “critical juncture to keep playing the same tune,” and failing to maintain it would increase the risks of a bigger correction to the $98,000 level, where the Weekly EMA50 sits.
Nonetheless, he asserted that while the weekly timeframe is “showing early signs of weakness, the Monthly chart tells a different story.” Notably, Bitcoin has held its Macro Range of $107,200-$116,000.
As this week progresses, the cryptocurrency could see heightened volatility, tapping the $104,000 on a wick. He stated that “If the Weekly timeframe confirms rejection from $107k and progresses bearish confirmation, that could be the trigger for such a Monthly wick.”
The analyst also noted that the previous bull market lasted about 152 weeks, while this one is already 145 weeks into it. This could signal that there are only around seven weeks left if the current bull market were to repeat its previous performance.
