0309 Bitcoin Weekly Technical Analysis

Bitcoin is currently hovering around $86,000 and is showing signs of weakness as the bearish momentum picks up; The momentum indicator confirms downside risks and the MACD is below the signal line, indicating a lack of bullish confidence.

     The previous rally failed to break through the key resistance level, cementing the dominance of sellers, decisively breaking below the short-term supply-demand equilibrium point ($88,180), triggering a large number of sell orders, pushing Bitcoin down to $84,000, which will be the next major support level.

     Conversely, if the bulls regain $89,600, Bitcoin could see a strong reversal with a target of $92,500 and a challenge to sprint to $97,500, but if the momentum is not resumed, it may accelerate the liquidation of the bulls again, thus strengthening the near-term bearish structure. The RSI at 65.1 enters the overbought zone, which usually indicates strong momentum but also greatly increases the likelihood of a pullback.