Bitcoin Endures One Of The Most Intense Bear Weeks Of This Bull Cycle – Details

Bitcoin experienced significant volatility on Friday, briefly dropping to around $114,700 before stabilizing. The cryptocurrency is currently trading below the psychological $120,000 mark, indicating a market tug-of-war between buyers and sellers. Despite a recent pullback, Bitcoin is holding key support levels, suggesting resilience within its bullish structure. Analysts identify this week as one of the most aggressive selling periods of the current bull cycle, with substantial profit-taking occurring. However, this intense selling pressure has not resulted in a complete price breakdown. The market is now uncertain, awaiting confirmation of either a deeper correction or a move towards breaking the $120,000 resistance. Bitcoin’s ability to maintain its consolidation range will likely dictate the direction of its next major price movement. Despite heavy selling, Bitcoin showed resilience by recovering to $117,000 by week's end, a positive signal of bullish strength. While Bitcoin consolidates, its dominance is weakening relative to Ethereum and other altcoins, potentially signaling an altseason. Bitcoin is currently retesting resistance around the 100-period SMA after a strong recovery from a support level. The key for Bitcoin is to reclaim the 100 SMA and hold above $118,000 to aim for the upper resistance of its consolidation range.