Bitcoin (BTC) Weekly Closes Above Range – First Bullish Step

Bitcoin is currently trading around the $105,000 mark after a brief uptick to $107,000 in the past 24 hours.

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Bitcoin is currently heating up again after a brief uptick to $107,000 saw the price of BTC reject for the second time in the past few days.

This time, however, the move closed out the weekly candle above a key resistance level that had been capping the crypto’s price action for weeks. This close, which comes just above the red horizontal line at $103,000 in the chart below, brings confidence in the continuation of the uptrend, and points to the bulls still in control of Bitcoin’s price action.

Bitcoin Weekly Closes Above Range – First Bullish Step

Current price action shows that bullish investors and buyers are still managing to keep the momentum going for the largest cryptocurrency, and, in essence, the rest of the crypto market.

It was previously reported that Bitcoin saw a surge to nearly $107,000 over the weekend before encountering resistance at this level. This price movement was followed by a dip to around $102,000.

The price action is most likely being pushed by investors reacting to the news of Moody’s downgrade of U.S. debt, and also to potential interest rate cuts by the Federal Reserve.

However, in a key technical development, the BTC price closed above the $103,000 range during this first move to $107,000, which is very important in terms of technical analysis going forward. This sentiment is shared by crypto analyst Rekt Capital on X (formerly Twitter), who also noted the next step that might play out for Bitcoin.

Post-Breakout Retest, Says Rekt Capital

The $104,000 price level had previously acted as a stubborn ceiling throughout much of the recent Bitcoin price consolidation between $102,000 and $104,000 since May 9.

But since breaking above this level, the ensuing price action has seen the Bitcoin price retracing towards this level after another rejection at $107,000.

According to the crypto analyst, the dip following the $107,000 rejection isn’t necessarily bearish. Instead, it could be part of a post-breakout retest, a pattern often seen in strong bullish structures.

If this retest successfully confirms the former resistance as new support, BTC could set the stage for a breakout into fresh all-time highs.

As seen in the 1W Bitcoin price chart above by the analyst, the red resistance level is very close to Bitcoin’s January 2025 all-time high of around $108,780.

Furthermore, the chart shows that the recent breakout above the $90,000-$103,000 zone appears to mirror a pattern of Bitcoin’s breakout after a consolidation move, after another bounce from a low. In this case, the bounce occurred at the $75,000 low in early April.

If Bitcoin does rebound with enough trading volume around $104,000, this could provide the much-needed momentum for a move above $107,000 and finally above $108,780 again. At the time of writing, Bitcoin is trading at $105,188.