Bitcoin - ReAccumulation Range Reclaimed
Bitcoin's macro predicament, Bitcoin Dominance, and more
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The Weekly Channel
The new Weekly Candle Close is in and all Bitcoin needed to do was Weekly Close above the Channel Bottom (black, ~$58650) to confirm its return back into the Channel.
What Bitcoin achieved with its recent Weekly Close was more than that, Weekly Closing at $64150.
And in doing so, Bitcoin not only therefore reclaimed the Weekly Channel but most importantly it also reclaimed the ReAccumulation Range:
Bitcoin Weekly Closed well above the Range Low of $60600, solidifying its return to the ReAccumulation Range and in turn resynchronising with key post-Halving price tendencies.
Even with this strong Weekly Close however, there is still technically scope for a dip even to as low as the Range Low of $60600 itself (with additional scope for any downside wicking as part of a volatile retest) to fully confirm a return to the ReAccumulation Range.
After all, textbook Technical Analysis suggests that when a resistance is broken, to figure as support it must be reclaimed as new support.
Could this lay ahead in Bitcoin's near future?
It's a possibility, especially if we look to the other times that Bitcoin broke back into the ReAccumulation Range:
For example, the first time Bitcoin broke into the ReAccumulation Range via a Weekly Close above the Range Low back in late February, price successfully retested the Range Low as support in the following week (first purple circle from the left).
Moreover, in early July, when Bitcoin downside deviated below the Range Low, Bitcoin Weekly Closed above the Range low in the following week and in the week after that BTC retested the Range Low as support before rallying to higher level in the Range.
Each of those two instances showcased normal technical price activity, breaking resistances to then reclaim them as new supports.
This is why, technically, BTC could do the same this time around as well.
Granted, BTC doesn't need to but it would be entirely healthy and most definitely technically sound if it were to happen.
Generally, whether a pullback happens from here is contingent on the Pi Cycle MA retest failing:
Whereas at the moment and for the past three days or so, price has been successfully retesting the Pi Cycle MA as support.