Can Bitcoin Save the Crypto Bull Run With a Weekly Close Above Key Support?

Video: Bitcoin Has 2 DAYS to Save the Crypto Bull Run
Want articles like this for your own video to promote it on YouTube and Google? Order them through the Telegram bot @sat_sit_bot. The bot writes and publishes the articles itself (with your YouTube video embedded) on popular topical websites (no ads). Free trial — 50 articles.
Key takeaways
- Bitcoin must hold above $100,000 on the weekly close to keep the bull run intact, according to EllioTrades.
- A weekly close below $100,000 would invalidate the bullish setup and likely trigger a deeper correction toward $90,000.
- Altcoins like Solana and Near Protocol are showing relative strength and could outperform if Bitcoin stabilizes.
- The MSCI decision on digital asset treasury companies and macroeconomic data are key catalysts to watch.
Bitcoin has two days to save the crypto bull run by securing a weekly close above the critical $100,000 support level. According to EllioTrades, this weekly close will determine whether the market continues its bullish trajectory or faces a deeper correction. Traders can position themselves for either outcome using platforms like Kalshi, which offers a $50 bonus for new users.
Why the Weekly Close Matters for Bitcoin
The weekly close is the most reliable signal for confirming support or resistance in Bitcoin. A close above $100,000 would validate the bullish structure and likely trigger a relief rally across the crypto market. Conversely, a close below $100,000 would break the psychological barrier and could lead to a retest of lower supports at $95,000 and $90,000. This makes the next two days crucial for the entire market's direction.
Key Bitcoin Levels to Watch
Traders should monitor these specific price levels for Bitcoin:
- $100,000: The line in the sand for the bull run. A weekly close above this level is essential.
- $95,000: A secondary support level that could provide a bounce if $100,000 fails.
- $90,000: A deeper support zone that, if broken, would confirm a bearish trend.
- $110,000: The next major resistance level that Bitcoin must break to resume its uptrend.
Altcoin Opportunities if Support Holds
If Bitcoin holds support, altcoins could present lucrative buying opportunities. EllioTrades highlights several altcoins that are showing relative strength:
- Solana (SOL): Trading above key moving averages and showing bullish momentum.
- Near Protocol (NEAR): Despite some skepticism, NEAR has potential for a breakout if Bitcoin stabilizes.
- Zcash (ZEC): A privacy-focused coin that could rally if market sentiment improves.
These altcoins could outperform Bitcoin if the bull run continues. However, they are also more vulnerable to a downturn if Bitcoin breaks support.
Common Questions and Concerns from Traders
Many traders are torn between wanting a deeper correction to buy cheaper and hoping for a continued bull run. A major setback would allow for accumulation at lower prices, but it would also reduce the probability of a sustained bull market. Conversely, a strong bull run with higher prices confirms the trend and increases the likelihood of even larger gains. The key is to have a plan for both scenarios and manage risk accordingly.
How to Trade the Weekly Close
Here is a step-by-step trading plan based on EllioTrades' analysis:
- Monitor the weekly close: Watch Bitcoin's price action leading up to the weekly candle close.
- If Bitcoin closes above $100,000: Consider adding to long positions in Bitcoin and strong altcoins like Solana and Near Protocol.
- If Bitcoin closes below $100,000: Reduce exposure and wait for a retest of lower supports ($95,000, $90,000) before considering new entries.
- Use risk management: Set stop-loss orders below key support levels to limit potential losses.
- Stay informed: Keep an eye on macroeconomic events and news that could impact the market.
Key Catalysts and Market Sentiment
Beyond technical levels, several fundamental factors could influence Bitcoin's price. The MSCI decision on delisting digital asset treasury companies like MicroStrategy (MSTR) from global indexes is a major event to watch. Additionally, macroeconomic data and regulatory developments could sway market sentiment. Traders should remain cautious and avoid making emotional decisions based on short-term price swings.
All Links from the Video
- Trade $50, Get $50 on Kalshi
- Trade anything on Liquid and get 10% off trading fees
- Deposit $100, unlock up to $4,000 in bonuses on WEEX
- Follow EllioTrades' public trading journey on fomo
- EllioTrades on X
Conclusion
Bitcoin's weekly close is a pivotal moment for the crypto bull run. Holding above $100,000 would confirm the bullish trend and open the door for altcoin gains, while a break below could trigger a deeper correction. Traders should have a clear plan and manage risk accordingly. For a limited time, you can claim a $50 bonus on Kalshi to trade these scenarios. For more detailed analysis, watch the full breakdown by EllioTrades on YouTube.
Source: Bitcoin Has 2 DAYS to Save the Crypto Bull Run · Markdown version
Questions & answers
What happens if Bitcoin closes below $100,000 on the weekly?
A weekly close below $100,000 would invalidate the bullish setup and likely lead to a retest of $95,000 and possibly $90,000. This could trigger a broader crypto market correction, so traders should reduce risk and wait for confirmation of support before buying.
Which altcoins are best positioned if Bitcoin holds support?
Solana (SOL) and Near Protocol (NEAR) are showing relative strength and could outperform if Bitcoin stabilizes. Zcash (ZEC) is also mentioned as a potential mover, but altcoins carry higher risk if Bitcoin breaks down.
How does the MSCI decision affect Bitcoin and crypto?
The MSCI's decision on delisting digital asset treasury companies like MicroStrategy (MSTR) from global indexes could impact institutional demand for crypto-related stocks and indirectly affect Bitcoin sentiment. A negative outcome might increase selling pressure, while a positive one could boost confidence.
Should I wait for a deeper correction to buy Bitcoin?
Waiting for a deeper correction to buy cheaper can be tempting, but it also reduces the probability of a sustained bull run. A better approach is to have a plan that accounts for both scenarios: buy in tranches if support holds, and keep dry powder for lower levels if support breaks.