Bitcoin's Next Big Move: Will BTC Break Out?

Key Levels:

Resistance:

73,363: This is the next major resistance level. BTC has previously been rejected around this zone, as it aligns with the recent high from the June rally.
79,164: A stronger resistance near the psychological level of 80k.

Support:

61,000: BTC is currently trading near this level. A break below this could lead to more downside movement.
50,000: The next significant support zone. It coincides with a previous consolidation phase in 2022.

Moving Averages:
50-week MA and 100-week MA: Both moving averages appear to be sloping upward, indicating longer-term bullish momentum. BTC is currently hovering above these levels, which could act as support.

Volume:
The volume seems to be decreasing as BTC consolidates in the current range. This suggests a potential breakout or breakdown is coming soon as market participants wait for a trigger.

Trendlines:
The strong upward trendline from early 2023 has been broken, and BTC is now in a consolidation phase. If BTC can hold the 61k support, there’s potential for a move higher, but a breakdown could push it back towards 50k.

Directional Bias:

Neutral to Bullish: BTC appears to be consolidating after its recent rally, with the weekly chart showing a potential bull flag formation. This would suggest that after consolidation, BTC could break upward, targeting the 73k-79k range.

Bearish Alternative: If BTC fails to hold the 61k level, there could be more downside toward 50k. The lack of volume might indicate that a larger correction could be possible before another rally.

Conclusion:
Upside Scenario: If BTC breaks above 63k, it’s likely to retest the 73k resistance.
Downside Risk: A break below 61k would open the door to a larger pullback toward the 50k level.
The current setup suggests that BTC is waiting for a catalyst to decide its next move. Momentum favors consolidation, but keep an eye on the support levels for a potential breakdown.