Usman Salis
⬤ Bitcoin got absolutely hammered before catching a bid right at the $70,000 mark on the weekly chart. The price wicked down near $60,000 before snapping back to close around $70,551, proving there's serious buying interest at this former resistance zone. That long lower wick tells you everything—someone stepped in hard when BTC tested that breakout area.
⬤ What's happening here is pretty straightforward: Bitcoin is testing what used to be a major resistance level from the previous cycle, and now it's acting as support. Price ran up to around $79,000 before getting rejected and falling back into this demand zone. The bounce shows that traders are willing to defend this level, which makes sense since these breakout points usually become key decision zones. If BTC keeps closing above $70K on the weekly, that's a textbook higher low in an uptrend.
⬤ But here's the problem—momentum is fading. The chart shows a nasty drop from recent highs with volatility spiking after that rejection near $79K. If $70K breaks and doesn't hold, the whole higher low idea is dead, and we're probably heading straight for the $50,000–$55,000 zone. That's where the previous accumulation happened, and it's visible on the bigger timeframe.
⬤ Why does $70K matter so much? Because when Bitcoin moves, everything else follows. Holding support here keeps the bullish structure alive despite the correction. Losing it flips the script completely—expect altcoins to bleed and the entire market to shift into risk-off mode.
Usman Salis
