Bitcoin Price Weekly Outlook
Bitcoin price looks sluggish this week. Last week, prices were rejected again from the $94,000 resistance level. The bulls were unable to gain any momentum as the price bled down on Sunday to close at $88,170. This week, the bears will look to break the $84,000 support level and take the price into the low $70,000 range. The bulls will desperately try to hold on to this $84,000 level as support, but it may not survive another test.
Important support and resistance levels now
With the $84,000 support level again under pressure this week, the bears will look to finally get the price below it. There is a small chance that bulls can defend $85,000, but it is unlikely to last here unless we see a lot of buying volume step in. The $72,000 to $68,000 support zone below should be a solid floor in the initial tests, so it will likely take a few weeks to break through this level if we get there. Below here, bulls will look to hang on to the 0.618 Fibonacci retracement support at $57,000.
Higher up, we have a blanket of resistance now from $94,000 all the way up to $118,000. If bulls can manage to finally capture $94,000, they will look to $101,000 next, although sellers should step in strongly above $97,000. Above $101,000, it should be a slow move all the way to $107,000. Even more buying pressure would be needed above $107,000 to push through this thick zone all the way to $118,000. However, none of these levels appear to be reachable with the current price action.
Outlook for this week
Bitcoin’s weekly red light close was not what the bulls wanted to see last week. The Bears have had a much needed rest over the past few weeks and should see renewed vigor this week. Look for the bears to try to break the $84,000 support level at some point this week, with bulls potentially trying to set in to hold a higher low around the $87,000 to $85,000 area. If the price falls below $84,000 this week, I would expect to see acceleration down to at least $75,000 and likely into the low $70,000 range.
Market Sentiment: Extremely Bearish – Bulls had little time to try to push price above near-term support over the past few weeks and failed to do so. The bears are in control and should be well rested for renewed selling strength to the downside.
The next few weeks
Sellers got a much-needed break over the past few weeks, while buyers were only able to stop the bearish momentum. Bears should take advantage here to clear the $84,000 support level. In the next few weeks, look for the support zone in the $72,000 to $68,000 range to be hit. However, we should see a strong bounce from this area after an initial test. So if this zone is touched, look for the price to at least test the $84,000 level down there, with the potential for an even stronger bounce. This zone is a potential area for a reversal out of the bear market, but if the “4-year cycle” holds true, the price will likely test lower later in 2026.
Terminology guide:
Bulls/Bullish: Buyers or investors expect the price to be higher.
Bearish: Sellers or investors expect the price to fall.
Support or level of support: A level where the price should hold for the asset, at least initially. The more support, the weaker it becomes and the more likely it is not to hold the price.
Resistance or resistance level: Opposite support. The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it becomes and the more likely it is not to hold the price back.
Fibonacci retracements and extensions: Ratio based on what is known as the golden ratio, a universal ratio regarding growth and decay cycles in nature. The golden ratio is based on the constants Phi (1.618) and phi (0.618).