Bitcoin price is currently trading below the $90,000 mark, continuing its consolidation phase after a strong rally earlier in the cycle. Despite increased short-term volatility, the broader weekly structure remains intact. The recent price action indicates that Bitcoin is approaching a crucial zone that could determine whether the market will resume its upward trend or experience a deeper corrective phase.
Bitcoin Price Action: Weekly Structure in Focus
On the weekly chart, Bitcoin is still within a long-term ascending channel that has been guiding price action since the 2023 recovery phase. Following failed attempts to sustain moves above the $100,000–$105,000 resistance zone, BTC has retraced towards the middle-to-lower region of this channel.
Currently, Bitcoin is hovering around the $87,000–$88,000 range, which is acting as short-term support. The rejection from the upper resistance band has led to sideways momentum rather than a significant breakdown. Despite some distribution pressure, the volume has stabilized during this pullback.
Key Support and Resistance Levels
From a structural standpoint, two levels are clearly visible on the chart:
- Immediate support: $85,000–$87,000
- Major downside support: $74,000–$75,000 (weekly demand zone and channel base)
As long as Bitcoin maintains above the $85,000 region, the overall bullish structure remains intact. However, a decisive weekly close below this zone could expose the $74,000–$75,000 level, where stronger buyer interest is anticipated.
On the upside, Bitcoin needs to reclaim the $95,000–$100,000 range to shift momentum back in favor of the bulls. Without this recovery, upward movements are likely to be limited.
Indicators Signal Consolidation, Not Trend Reversal
Momentum indicators support the consolidation narrative. The MACD on the weekly timeframe is showing a slowdown in bullish momentum rather than a confirmed bearish trend. Additionally, the On-Balance Volume (OBV) remains relatively high compared to previous cycles, indicating that long-term accumulation has not completely reversed despite recent selling pressure.
This combination typically aligns with a range-bound scenario, where the price fluctuates between key levels before choosing a direction.
Two Scenarios Traders Should Watch
Scenario 1: Range Hold and Recovery
If Bitcoin continues to defend the $85,000–$87,000 support, the price could stabilize and attempt a recovery towards $95,000, followed by a potential retest of the $100,000–$105,000 resistance zone. This scenario favors caution and confirmation rather than aggressive positioning.
Scenario 2: Support Break and Deeper Pullback
A failure to hold above $85,000 on a weekly closing basis would weaken the structure. In such a scenario, Bitcoin could decline towards the $74,000–$75,000 demand zone, completing a more significant correction within the larger ascending channel before any renewed upward movement.
Conclusion: What This Means for Bitcoin’s Trend
Bitcoin price does not show signs of a major trend reversal but is currently at a critical juncture. The weekly chart illustrates a market that is digesting previous gains while respecting the long-term structure. Until Bitcoin either reclaims $95,000 or decisively loses $85,000, traders should anticipate continued consolidation with heightened awareness around key levels.
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