4 min readThe weekly close on Bitcoin (BTC/USD) last week marked the fifth consecutive bullish weekly candle, something we haven’t seen since the breakout back in October 2023. That kind of momentum alone is worth paying attention to, but what makes this current move even more important is the fact that Bitcoin is now pushing right into its all-time high zone, with just under 4% left before retesting the previous peak.
Looking at the weekly chart, the structure is undeniably strong. We’re peeking above a high time frame resistance area where Bitcoin has never closed a weekly candle before. The breakout from last Thursday sent price sharply higher, pushing through 98K, the previous breakout zone, and clearing the middle resistance area at 102K. We’re now trading directly at the 106K level, which served as resistance just before the all-time highs printed in 2021.
Zooming in to the daily chart, you’ll notice that the current resistance zone is based on candle closes rather than wicks. That means the full reclaim of the all-time high isn’t quite complete, not yet. But the market is getting very close, and the bullish momentum from last week has carried over into early trading this week.
Of course, after such a move, a slowdown or retracement shouldn’t surprise anyone. The market could easily cool off here to consolidate or reload for another push higher. If that happens, the first support level to watch is the previous breakout zone around 102K.
But as anyone who’s been in the market long enough knows, Bitcoin doesn’t always play by the rules. It often leaves patient traders behind, surprising both bulls and bears alike with its speed and volatility in both directions.
If this breakout continues, the next major target will be a full retest of the all-time highs between 109K and 110K. On the other hand, if we pull back, how price reacts around 102K will be crucial for the short-term structure.
With the macro trend intact and risk-on sentiment still driving momentum, this could be the beginning of something much bigger.
It’s an exciting time for Bitcoin, now is the time to pay attention.
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