Bitcoin ($BTC) is now changing hands within a closely contested price range. As per the data from analysts, the latest weekly performance of Bitcoin ($BTC) indicates a decisive scenario in long-term direction. BTC is currently trading at $103,325.
Bitcoin Witnesses Massive Resistance within $108,699-$109,503 Range
The weekly timeframe of the $BTC-$USDT pair via Bitstamp displays clearly defined areas of interest. The analysts streamline the outlook by presenting a couple of key areas in this respect. They take into account “red box” and “green box.” The red box denotes a prominent resistance zone, while the green box represents the last significant support area.
The market data reveals that the red box is placed around the $108,699-$109,503 range. The respective price range underscores a notable supply area. Bitcoin has reportedly tested this zone several times, and the frequent wick rejections across the weekly candles confirm this. Inline with this perspective, a breakout above the respective resistance level would lead to exclusive all-time high price levels. In this respect, the potential target is the $115,000-$120,000 range.
$82,581-$84,189 Range Serves as Key Support Range
Apart from that, the green box stands for the demand area within the $82,581-$84,189 range. This zone works as macro safety net for Bitcoin ($BTC). Although presently distant from a notable price action, any crucial downside ignited by a black swan event or macroeconomic news could provide an opportunity for easy and rapid profits in this accumulation zone. Nonetheless, on the other hand, a breakdown below this area would signify a likely shift to bearish momentum.
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Bhased on the recent price performance of the flagship crypto asset on the weekly price chart, the next weeks could play a pivotal role. Particularly, if bulls remain successful in flipping the red box into a significant support zone, Bitcoin ($BTC) could rapidly reach new highs. Nevertheless, a failure to maintain the price level above the $97K-$103K range could lead to deeper retracements.