Bitcoin is at a critical juncture, with the upcoming weekly close set to influence its next move. To confirm a bullish continuation and boost market confidence, BTC must close the week above the key resistance level of $107,720.
Securing this weekly close could propel Bitcoin toward the $130,000 to $135,000 range in the third quarter. This resistance zone has historically marked pivotal breakout points, and a decisive move above it may unleash further upward momentum.
According to analyst SatheMeme_Expert, a similar setup occurred in Q4 2024, leading to Bitcoin’s largest weekly close of that year and sparking a powerful rally that overcame previous resistance levels.
The weekly chart reveals Bitcoin trading within a well-defined historical parallel channel. Pinnacle_Crypto notes that this channel has previously signaled breakout points in October 2023 and October 2024, which preceded strong price advances. If this pattern holds, BTC could target $150,916 by October 2025, with pullbacks serving as accumulation opportunities.
On a shorter timeframe, crypto analyst Gemxbt points to Bitcoin’s 1-hour chart showing a current downtrend. However, the price is attempting to rebound near support at $106,500, which has held firm so far. Technical indicators support a potential shift: the Relative Strength Index (RSI) is recovering from oversold levels, indicating waning selling pressure, and the Moving Average Convergence Divergence (MACD) is approaching a bullish crossover.
Despite this, BTC needs to surpass the key resistance near $108,500 with strong volume to confirm a sustainable bullish reversal.
Bitcoin is also consolidating within a descending channel on the daily chart, a typical pattern reflecting a pause before a broader trend continuation. Analyst Dynamite Trader highlights that BTC is trading above its 50-day moving average, reinforcing a bullish outlook.
A breakout above this descending channel could shift market sentiment and propel Bitcoin toward the $120,000 level, a key psychological target on the macro chart.
MiraCrypto adds that BTC’s breakout from the descending channel on the daily chart and subsequent consolidation above the new support is a bullish indicator. Maintaining this zone could open the path for a rally toward $135,000.