Weekly Bitcoin Technical Analysis

Bitcoin bounced in the latest week, perfectly off the $52,000-$52,500 level that had been discussed over the last few weeks as major support. The retrace expected was back to resistance at $60,000-$61,000. That is where Bitcoin finds itself now.

This is a big test for Bitcoin. Can it push through this level and confirm to the upside? If it can, a move back to the all-time highs is a possibility.

On the downside, key support remains $52,000-$52,500. Should that brake, $49,000 is the next downside technical support level.

Bitcoin saw an uptick on the Trump assassination attempt. For crypto, this shows buyers entering for two reasons. One, Bitcoin is slowly becoming the safety trade and two, Trump has been very positive on crypto.