Bitcoin (BTC) fell from nearly three-month highs on Thursday as attention focused on the week’s close.
Key Points:
- Bitcoin is back after its recent trip to its highest levels in several months.
- The upcoming weekly candle close is of particular interest as the price watches a bullish support band.
- Macroeconomic slack ahead of a flurry of U.S. inflation data next week.
Bitcoin bull market support team returns after six months
Data from TradingView showed BTC/USD falling to $77,200 ahead of the open on Wall Street.
A day earlier, the pair hit $79,500, hitting its highest level since the last day of January, while the $80,000 level remained just out of reach.
BTC/USD Hourly Chart. Source: Cointelegraph/TradingView
“$BTC just rides highs, making short stops without following through” – trader Jelle commented about the latest price action in the post on X.
“It’s been a while since we’ve seen a PA in a situation like this; it usually means liquidity is being generated for a larger position. The question is, when will they step on the gas?”
BTC/USD four-hour chart. Source: Jelle/X
How – Cointelegraph reportedmultiple resistance levels remain in play in the current spot price zone, with the 21-week exponential moving average (EMA) proving challenging to convert into support. The last time Bitcoin traded above this trendline was in October 2025.
As such, another chart feature that is finally returning after a six-month absence is the Bitcoin bullish support band.
Formed by the 21-week EMA and 20-week elementary moving average (SMA), the support band was lost as support shortly after Bitcoin’s recent all-time highs.
“$BTC Trying to Break Bull Support Band,” trader Daan Crypto Trades confirmed.
“Watch the close of the week this weekend as it will be important. Bitcoin has not traded above the bullish support band since October 2025.”
BTC/USD weekly chart. Source: Daan Crypto Trades/X
Fed policy, oil seen as next cryptocurrency catalysts
Macro markets were characterized by low volatility that day and few signals from the US-Iran war.
Related: Bitcoin Bull Score Hits Six-Month High as Fears of a 2022 Bear Market Continue
The most significant U.S. macroeconomic data printouts were scheduled to be released in the coming week, as well as the Federal Reserve’s latest announcement on interest rates.
How Cointelegraph noted earliermarkets saw little chance of Fed easing by the end of 2027 as geopolitical uncertainty increased the risk of a return to inflation.
The latest data from the CME Group FedWatch tool they estimate the chances of the Fed changing interest rates at next week’s meeting to be virtually zero.
“The cleanest news is still oil and politics. Oil below $100 would support a relief case, while clearer Fed signaling would help reduce policy premiums,” trading firm QCP Capital wrote in its latest “The color of the marketanalysis on Wednesday.
“Until then, the broader message remains the same: risks have pulled back from the brink, but the underlying macro and geopolitical overhangs have not been removed.”
Fed target rate probabilities (screenshot). Source: CME Group
