The Trust Layer for Market Analysts

The analysis focuses on Bitcoin's weekly chart, highlighting a long-term ascending channel. The price recently broke below the channel's bottom support at 61,629. This breach, sustained over two consecutive weeks, is interpreted as a bearish signal. However, the current price action shows a modest recovery. The analysis suggests that if Bitcoin can reclaim and hold above the 64,250 level (the high from the previous week), it could signal a potential reversal or consolidation within the broader bullish trend. The key levels to watch are 62,945 as a short-term support and 82,421 as a potential longer-term target if the bullish momentum resumes. Conversely, a close below 61,629 would likely confirm the bearish short-term outlook, potentially leading to a retest of the 49,363 support level. The overall sentiment leans cautiously bullish, contingent on holding key support levels.