Weekly Review: Bitcoin's Recent Surge is Excessive, Continuously Hitting New Highs, Will the Trend Still Be Bullish Next Week?

Bitcoin has truly gone crazy; after a period of consolidation, it has reached a historical high, now just a step away from the 80,000 mark. Recently, market news has been overwhelming, and the situation has become uncontrollable, it’s completely mad. After two trading days of consolidation above 75,000, it broke through the 79,000 resistance point today, opening up upward space?

Moreover, it has continued the previous strong recovery pattern, revisiting highs with significant strength, with today’s daily candle closing robustly. Today marks the end of the weekly chart. Currently, short-term indicators show that bulls are still strong; after breaking through the 79,000 resistance, the trend line's pressure has been broken, and the intraday short-term market will continue this strong upward trend. Although the market has surged, it’s advisable not to chase after this rapid rise; such quick upward movements, if not corrected properly, can easily lead to pullbacks, so avoid blindly following the trend!

From the 4-hour chart, we can see that the market has undergone consolidation and accumulation, completing the recovery and breakthrough of resistance, breaking out of the range-bound trading, and strongly reaching for new highs. However, whether this upward trend will continue to extend the bullish momentum or if it will face a second peak remains uncertain. The pattern transition needs to be observed cautiously in real-time. Tentatively, the short-term bias is still bullish!

The 4-hour chart shows consecutive upward candles. In the short term, a pullback can be viewed as a buying opportunity, but once there’s significant volume, it’s advisable not to chase. Today's support is at 77,000-77,500. Look for another buying opportunity on the pullback. If there’s a strong breakthrough of the 80,000 high, it’s best not to chase at high levels. Be cautious of the risk of a quick surge followed by a pullback. At that time, we can assess the market and see if there’s a need for short positions. The sustainability of this upward momentum remains a question. We cannot rule out the possibility of forming a double top, so future market trends need to be observed continuously. Currently, market sentiment is excessively rampant, and it’s crucial to approach this rationally; remember to watch more and act less!