U.Today’s weekly chart of Bitcoin reveals an intriguing technical setup, fueling anticipation among market participants for a significant price movement. The current formation suggests a pivotal point is imminent, with an anticipated 11% move on the horizon.
The recent candlestick pattern mirrors a “tweezer” bottom, with wicks touching down into a demand zone around $40,000. This crucial support level historically attracts buying interest, indicating potential upward pressure. However, the topside of the previous weekly open, approximately $44,000-$45,000, exposes a supply zone where sellers have historically intervened, potentially hindering upward movements.
In light of this setup, two primary scenarios could unfold in the near term. The bullish case envisions Bitcoin rebounding from the $40,000 demand level, supported by the tweezer bottom pattern. If buyers maintain control, a push through the $44,000-$45,000 supply zone could result in an 11% move toward the mid-$40K region, potentially testing the $48,000 resistance.
Conversely, if the $40,000 level fails to hold as support, a bearish scenario may unfold, with Bitcoin retreating and challenging lower support levels. This could initiate an 11% move downward, potentially reaching the $36,000 zone, where the market might seek new demand.
Inscriptions and high Bitcoin fees have been recent focal points, indicating a robust network but raising concerns about scalability and transaction costs. Despite this, bullish sentiment around miner companies suggests confidence in the sector’s profitability and long-term growth, even amid price consolidation.
Beyond Bitcoin, the contrasting growth dynamics between Solana and Ethereum’s perceived DeFi ecosystem stagnation create a notable divergence in sectoral momentum. This disparity could influence capital flows within the crypto market, potentially impacting Bitcoin’s trajectory in the coming weeks.
