Bitcoin (BTC) Weekly Candle Closes at Key Resistance: Bullish or Bearish Weeks Ahead?
With a weekly close below the resistance at $94,000, what could be in store for Bitcoin in the weeks ahead? Monday sees the $BTC price already pushing up through this resistance. Will it keep going, or could there be a bearish twist to come?
War, tariffs, and economic data could still put a spoke in Bitcoin’s wheel
All is seemingly serene on Monday morning. Although Bitcoin did pause at the $94,000 resistance level at last week’s close, the price has barged on through early on Monday – currently above $94,700.
If all remains quietish on the Trump tariffs front, and peace talks can progress in an orderly fashion for the Russia/Ukraine war, there shouldn’t be too much to stop this current rally for Bitcoin. Of course, that is a really big ‘if’. Things can change in the blink of an eye, especially where war is concerned.
In addition, a lot of important US economic data is reported this week. This includes Job Openings, Consumer Confidence, Q1 GDP estimates, Core PCE, Jobless Claims, ISM Manufacturing PMI, Nonfarm Payrolls, and Unemployment Rate.
The Q1 GDP and the Core PCE Price Index have the potential to be the most impactful of the data releases given their relevance to growth and inflation. Either of these two could certainly put a spoke in the wheel of Bitcoin’s upside surge.
$BTC battles through the beginning of resistance
Source: TradingView
The 4-hour time frame for $BTC shows how the price is battling through the resistance levels. This resistance persists right up to the $100,000 horizontal level, so it may not all be plain sailing from here. That said, the 4-hour and 8-hour Stochastic RSIs have reset and both have their indicators angled upwards from the bottom.
Indicators signal strong upside price momentum
Source: TradingView
The weekly chart for $BTC displays a very positive aspect. As long as the $94,000 horizontal level can be flipped into support at the end of this week, things should remain bullish. Of course, the bulls could push the price up to the $100,000 level and beyond. If this took place by the end of the week, the $109,000 all-time high would certainly be the next target.
Impetus is getting behind the price now, signalled by the Stochastic RSI on the weekly, which has the two indicator lines sailing up from the bottom. That the indicator lines have also crossed up from the bottom on the 2-week time frame is even further evidence of a continuance of this rally.
The last bull market upside surge?
Macro economic factors allowing, this upside surge could be maintained over the next several weeks. However, once it runs out of steam, it could be the last of this particular bull market. The four-year cycle is coming to an end, and a bear market awaits at its conclusion. How far can Bitcoin climb before this takes place?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
