Decoding BTC's Weekly Chart: Insights from SMC Perspective

BYBIT:BTCUSDT.P   BTCUSDT Perpetual Contract
BTC has reached a critical point on its weekly chart, entering what we call the SUPPLY zone. This suggests that it might either pull back a bit or surge to new highs before dropping back down. We could see it go down to around 58k to 53k, but it's unlikely to dip below 50k. Why? Because there are new big investors who bought in at these levels and won't sell unless they're really scared or forced to sell. So, the idea of BTC dropping to 24k, as some have predicted, seems pretty unlikely for now.

These zones act like strongholds, likely to cause BTC to bounce back up, possibly pushing it higher within the channel.

But, if things turn sour and BTC breaks below these zones, the big players, known as whales, might start selling, setting off a chain reaction downward, where other big investors are waiting to buy at lower prices.

Understanding the CHANNEL 📈
Think of the channel as the boundaries that guide BTC's price movement. Staying above these lines is crucial to avoiding a downward spiral.

Conversely, we can expect BTC's price to soon hit the upper boundary of the channel, according to the weekly outlook.

#BTC #ATH: Decoding the All-Time High
If we take a closer look at the weekly chart, we'll notice something interesting: BTC's All-Time High (ATH) hasn't been surpassed yet. The bodies of the weekly candles suggest that a pullback might be on the horizon. The white line you see represents a critical level at the ATH, which BTC will likely test multiple times in the future.

Breaking above this line would signal a new upward trend towards the channel's upper boundary.


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