Bitcoin Weekly Close Weakens: $65,650 Support Fails, $60,000 Next Major Test

Bitcoin closed the week at $67,638, failing to hold the critical $65,650 support level, with the price already trading below it at $64,600 as of Sunday night. The outlook for the coming week is bearish, with the price likely to test the $60,000 low. Key support lines for bulls are $63,000 as a last defense, with potential downside targets including $57,800 and even $53,000; a close below $57,800 could open the door to the $42,000 to $44,000 support zone. Resistance levels start at $67,000 (the failed support), followed by $72,000 and $74,500. Daily oscillators are flipping bearish, with RSI below the 13 SMA and MACD heading for a bearish cross below zero, reinforcing the downside expectation. The Momentum Reversal Indicator (MRI) suggests four more weeks of bearish action unless Bitcoin closes above $77,000 this week, which is deemed highly unlikely.

(Source：Bitcoin Magazine)