Bitcoin’s Weekly Close Signals Imminent Drop Below $84,000 Toward $70,000 Floor

Bitcoin's price action is currently lethargic, having rejected the $94,000 resistance level last week and closing Sunday at $88,170. This weak weekly close signals that bears are poised to test the critical $84,000 support level this week, which bulls may struggle to defend. If $84,000 breaks, the price is expected to accelerate down toward the $72,000 to $68,000 support zone, with the next major floor being the 0.618 Fibonacci retracement at $57,000.

Resistance overhead is substantial, spanning from $94,000 up to $118,000, making any immediate upward movement unlikely given the current market sentiment, which is described as 'Extremely Bearish.' While a strong bounce is anticipated if the $72,000–$68,000 zone is hit, the long-term outlook suggests that if the '4-Year Cycle' holds true, Bitcoin might test lower levels later into 2026.

(Source：Bitcoin Magazine)