🚨 $BTC Weekly Update: Eyes on the $94K Support Retest

$94K is a critical horizontal support, aligning with previous swing highs and the base of the recent breakout. It also converges with the 50% Fibonacci retracement from the broader uptrend originating around $80K. Holding this level on a weekly close is key for maintaining the bullish structure. 📈

If $BTC sustains above $94K, we could see a bounce back towards $100K+ and potentially new ATHs. This could be fueled by positive macro cues such as sustained ETF inflows or lingering halving effects. Momentum remains crucial for an upward push.

However, a weekly close below $94K would signal a classic Swing Failure Pattern (SFP). This would invalidate recent lows and empower bears to target a deeper correction. 📉 A move towards $80K, a psychological round number and a previous demand zone, would become likely.

Volume has been tapering off during this sideways grind, a typical pattern before a significant price move. The Relative Strength Index (RSI) is neutral around 50, indicating neither overbought nor oversold conditions, leaving room for action in either direction. Keep a close watch on global risk sentiment. 👀

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