Bitcoin Weekly Close Could Decide the Fate of Its Bull Market

Key points:

Bitcoin faces an important weekly close with several key price levels on the line.

The bull market’s future is still at stake, a trader says, amid ongoing whale selling.

Risk assets should gain from a reduction in US trade tariffs or the end of the government shutdown.

Bitcoin (BTC) wedged itself in a narrow range ahead of a key weekly close with $100,000 support at stake.

BTC price counts down to major weekly close

Data from Cointelegraph Markets Pro and TradingView showed BTC price inertia characterizing weekend trading.

Volatility was lacking, but market participants were keen to see how the weekly candle would close.

Source: Caleb Franzen

“Key level of the week: $103.5K,” trader Titan of Crypto wrote in a post on X.

Titan of Crypto based the significance of that price point on Fibonacci retracement levels, with the bull market potentially at stake.

“A weekly close below isn’t dramatic, but a confirmed breakdown next week would signal the bull market is likely over. Not there yet,” he added.

BTC/USD one-week chart. Source: Titan of Crypto/X

Others eyed a close above the 50-week exponential moving average (EMA), currently at $100,940, as a sign of strength.

“We don’t want a weekly close below this at any cost,” trader Max Crypto warned.

BTC/USD one-week chart with 50EMA. Source: Cointelegraph/TradingView

The risk of a “death cross” involving simple moving averages (SMAs) on the daily chart, meanwhile, was of interest to trader SuperBro.

Such a scenario occurs when the 50-period SMA crosses below the 200-period equivalent.

“The 4th ‘death cross’ of the bull cycle is approaching. Each time we’ve seen reversion to the mean and a sustained bottom,” he told X followers on the day.

“But so far, a lukewarm reaction at the 365 SMA. Let’s see if bulls can get it together and reclaim the Q3 low for the weekly close.”BTC/USD one-day chart. Source: SuperBro/X