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CryptoCatalyst Labs

06/23 15:08

Bitcoin Weekly Update

I don't think there's any need to write a long post when nothing has changed much in terms of price.

The weekly chart remains in an overall downtrend. Price got rejected from the $65k–67k zone that we discussed in the last two weekly updates. That clearly shows the bulls are still weak.

I see sentiment is extremely positive, and I honestly don't understand why. Price has done almost nothing, and the overall weekly structure still looks bearish.

Looking at the weekly chart, the rejection from $65k–67k is very clean. Even if price moves up to $70k–72k, it still wouldn't change much on the weekly timeframe.

I don't see any reason to chase the price or get caught up in the excitement on social media when the charts aren't giving me a bullish signal. As far as the weekly chart is concerned, I still don't see anything encouraging.

**BTC Lower Timeframes**

Last week, Bitcoin was trading around the $67k area, and I said that any weakness there would likely send the price back to the $60k–62k range. Last week, price dropped to around $62.2k, exactly as expected.
Overall, I think the lower timeframes are still range-bound.

$67k remains the key resistance.
$60k–62k remains the key support.

As long as price continues trading within this range, it's a no-trade zone for me. A breakout in either direction would likely lead to trend continuation.
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