Weekly Bitcoin Candle Ends at $80,000 Following Rebound from $74,400 Support Level
Bitcoin's Latest Price Gains and Technical Analysis
Bitcoin recently bounced back from $74.4K, closing the week at $80,147 with a 2.24% gain. The cryptocurrency's price action indicates a potential turning point, with some analysts viewing $74.4K as a significant support level.
The chart pattern suggests Bitcoin might revisit the $74.4K level again. The upward wick and strong candle body at this level indicate renewed demand from lower levels after a few weeks of declines following Bitcoin's peak above $100K earlier in 2025. This possible retest could strengthen bullish conviction among traders.
A Potential Local Bottom emerges
Some analysts believe that $74.4K might have marked an important local bottom based on the current weekly structure. This level aligns with a former resistance zone from early 2024 and has been tested during recent dips. The strong candle recovery suggests that bulls may have defended this level. Furthermore, this level lies near major liquidity zones on higher time frames, adding to its significance.
Bullish Divergences on Key Technical Indicators
Technical charts indicate the presence of bullish divergences in the On-Balance Volume (OBV) and Relative Strength Index (RSI). These indicators suggest weakening bearish momentum and increasing buyer strength at current levels. The OBV reflects accumulation, as it trends upward while price drops, while the RSI divergence shows reduced selling pressure.
These signals, combined with the critical price level of $74.4K, could attract further attention from traders. As volatility remains elevated, price confirmation above key resistances such as $83K would strengthen bullish conviction.
Can Bitcoin Sustain its Gains?
With BTC holding steady above $80K, analysts are now debating whether Bitcoin can sustain this rebound and validate $74.4K as a confirmed weekly bottom. The answer depends on future weekly closes and whether support holds against increased volatility. If price breaks above $83K, upward continuation may follow in the near term.
Crypto market watchers are keeping a close eye on Bitcoin's interaction with key levels, as the potential for a bullish reversal is forming should the cryptocurrency manage to defend these support levels and leverage the emerging positive divergences.
Crypto market watchers are closely monitoring the potential for Bitcoin to sustain its gains, as some analysts believe the cryptocurrency may have established a local bottom at $74.4K. This could attract further investor attention, especially if the price confirms key resistances such as $83K and maintains its current level on future weekly closes.
Investing in Bitcoin could be an opportunity as the cryptocurrency's price action, technical indicators, and key level alignments suggest a possible bullish reversal. However, as with all finance-related decisions, investors should carefully consider the risks involved and conduct thorough research before making any investment decisions.
