Bitcoin Weekly RSI Points To More Upside, But Can the Bulls Defend $107,000?

Bitcoin's weekly chart shows positive signs with a rising RSI, indicating potential for further gains. The price is currently near a critical $107,000 support level that bulls must defend. Analysts observe the macro weekly structure as bullish, dismissing bearish signals. Concurrent rises in Bitcoin's price and RSI on the weekly timeframe confirm strong momentum. The ongoing price movements are considered part of a healthy uptrend. The Exponential Moving Average (EMA) ribbon also supports the trend's strength. Caution is advised only if the RSI enters overbought territory above 70. Bitcoin is facing rejection at $111,000, indicating strong selling pressure. The cryptocurrency is retesting the $107,000 support zone, a key level to watch closely. A break below $107,000 could trigger further selling pressure.