Technical indicators turn bearish on daily charts as Bitcoin loses key support; analysts warn of potential slide to $53,000 or lower if $57,800 weekly close fails.
Bitcoin staged a strong recovery from $60,000 support last week after heavy selling, closing near $70,315 with MRI buy signal flashing – key levels to watch include $71,800 resistance and $57,800 deeper support.
Bitcoin fell 13% last week after bears decisively broke $84,000 support, pushing prices to $75,600 before a minor recovery to $76,919 close. The loss of the 100-week SMA signals bear market confirmation, with resistance now at former support levels.
Bitcoin closed the week at $86,588 after losing $87,000 support, with bears eyeing a decisive break below $84,000 that could accelerate declines toward $68,000–$72,000.
Bitcoin Price Weekly Outlook
Well, the bitcoin price action was looking quite bearish after last week’s close, but the bulls managed to maintain the bullish...
With resilient support at $84,000 holding firm, Bitcoin bulls are gaining confidence ahead of large options expiring December 26 at a $100,000 max pain level amid expected low liquidity.
Bitcoin faces a probable plunge below $84,000 this week, with technicals pointing to a swift retest of $70,000 lows as sellers capitalize on exhausted upward pressure.
Bitcoin closed the week at $90,429 after testing $84,000 support and $94,000 resistance, with bulls now banking on Wednesday's FOMC meeting for a rate cut to fuel upward momentum toward $101,000.
PREDICT BITCOIN
