Overview

• Bitcoin closed weekly above the approximately $119,200 bull flag top and is now retesting that level as support.
• Downside wicks may occur during the retest, but sustaining the breakout zone could set the stage for fresh rallies.
• At press time, Bitcoin was trading around $118,183 as the market navigates early-stage confirmation.
• The Pudgy Penguins memecoin achieved its highest ever weekly close above its final major resistance but now faces bearish divergences on its daily chart.
• Pseudonymous analyst Rekt Capital’s accurate prediction of Bitcoin’s 2024 pre-halving crash underscores confidence in his current technical outlook.