The weekly chart of bitcoin exhibits a fascinating technical configuration as traders brace for a big increase in price. According to Skew Analytics, the present chart shape indicates a turning point is imminent, with an 11% move anticipated.
The current candlestick pattern is similar to a “tweezer” bottom, which may be recognised by the wicks entering a demand zone around about $40,000. Historically, purchasing activity has entered this region, serving as a crucial support level and signalling possible upward pressure. But the previous weekly open’s topside, which was in the $44,000–$45,000 range, has been swept, exposing a supply zone where sellers had previously intervened, perhaps limiting higher movements.
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With this configuration, there are two main situations that might happen soon. The first scenario, which is positive, has Bitcoin rising from the demand level of $40,000, where a floor is suggested by the tweezer bottom. In the event that buyers retain control, BTC may aim for an 11% rise towards the mid-$40K region and maybe test the $48,000 barrier with a push through the $44,000–$45,000 supply zone.
On the other hand, there is a bearish scenario wherein Bitcoin might retreat and test the lower support levels if the $40K level fails to hold as support. This can start an 11% decline, maybe reaching the $36K region, where the market would look for fresh demand.
The asset’s latest hot issues have been inscriptions and high Bitcoin fees, which point to a healthy network but also raise questions about scalability and transaction costs. Despite the price correction of Bitcoin, the optimistic atmosphere around mining businesses indicates confidence in the profitability and long-term expansion of the sector.
Other than Bitcoin, Solana’s rapid expansion stands in sharp contrast to the allegedly stagnant Ethereum’s DeFi ecosystem—which some community members refer to as “dead.” The trajectory of Bitcoin may be impacted by this disparity in industry momentum, which may affect capital flows into the cryptocurrency market.
