Bitcoin is once again at a critical juncture, hovering just below a key resistance level around $104,624, as highlighted by analyst MMCrypto.
The crypto market is watching closely to see if BTC can close a weekly candle above this level, which could potentially confirm a massive bullish breakout.
According to the chart, Bitcoin is approaching this resistance for the second time in recent months, creating the potential for one of two major scenarios:
- A double top, which would suggest a bearish reversal.
- A massive bullish continuation, signaling the next leg of the bull run.
MMCrypto emphasized the significance of this move, declaring: “Game over for bears” if Bitcoin successfully closes above the yellow resistance line on the weekly chart.
The coming days are pivotal. If bulls gain control and secure a weekly close above this key level, it could trigger significant upside momentum and invalidate bearish setups. Conversely, failure to break through might reinforce resistance and open the door for a retracement.
As MMCrypto put it: “It all depends on this one move.”
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/bitcoin-close-above-key-level-could-end-bear-case-double-top-or-bull-breakout-ahead/