4 min readWelcome back to another technical update on Bitcoin.
Starting with the weekly chart, we can see that last week’s candle closed bullishly, showing strong buying interest.
However, Bitcoin did not manage to close above the major resistance zone.
Now, looking at the early action this week, we see a strong start, and price appears to be pushing into that key resistance area at the time of writing.
This situation has the potential to either break through cleanly or turn into a bearish rejection, depending on how price develops throughout the week.
Daily Timeframe – Testing Minor Resistance
Dropping down to the daily chart, Bitcoin looks like it has found support around the key breakout zone.
However, it’s important to note that there is a minor resistance zone sitting just above at around $95,500.
A clear break above the $95.5K area could open the door for a move toward the next major resistance zone around $98,300, as marked in previous updates.
For now, price remains trapped between local support and this minor resistance, and the market could be preparing for a larger directional move.
4H Chart – Broadening Wedge Pattern Developing
Zooming into the 4-hour timeframe, Bitcoin is currently printing a broadening wedge pattern, also referred to as a megaphone pattern.
- The upper trendline is rising, while
- The lower trendline is falling, leading to an expanding structure over time.
From a psychological perspective, this pattern suggests that market participants are increasingly uncertain, and volatility is expanding as both bulls and bears push harder, causing wider price swings.
Broadening wedges are generally indecision patterns—and this fits well with what we observed on the daily chart, where Bitcoin is caught between support and resistance.
Key Levels to Watch:
- A break above $95,500 could trigger a move toward the upper trendline resistance, aligning with the$98,300 zone
- On the flip side, if price breaks below the lower trendline support, the first support target would be around $91,500.
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