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Bitcoin - Weekly Timeframe
Bitcoin has a complicated relationship with this ~$36120 level (blue).
In 2021, Bitcoin failed to retest this level as support not once, but on two occasions after successfully breaking it as resistance.
In fact, it looks like BTC has the greatest success in rallying higher by simply breaking beyond this level and not having to dip for a retest attempt.
It was only in the Bear Market where BTC rebounded successfully from this level, to form a Macro Lower High before experiencing downside continuation.
Having said all of this, how could that translate to today's price action?
Because BTC is successfully retesting blue as support, thus far, but failing to springboard higher.
In comparison to previous cycles which simply would either fail the retest completely or simply blast beyond the level to new highs, this current retesting without much upside continuation is offering mixed signals.
Losing this level of course would see price drop into the black-blue range ($31700-$36200), which could entail consolidation within said range to even as low as the ~$31700 Range Low, with scope for downside wicking.
But until that happens and price maintains above the blue level, then BTC simply continues to maintain itself within the orange-black range ($36200-$43200).
At its core, this is the technical situation on Bitcoin.
A bullish trigger would be successful price stability here and retesting of the blue level as support.
Whereas a bearish trigger would be a Weekly Close below the blue level, followed by a subsequent flip of this level into new resistance to reject price lower inside the black-blue range of $31700-$36200.