Bitcoin just confirmed a bearish breakdown on its weekly chart, which is bad news for short-term holders but not a disaster for the bigger picture.

• A pattern that was flagged days ago as a trap has now played out, with Bitcoin closing a weekly candle below the key support level, confirming the breakdown.
• The next support levels to watch on the way down are in the high $70,000s and could extend toward the low $70,000s.
• Despite the drop, Bitcoin is still technically in an uptrend on the weekly chart because it recently set a higher high, which is why the medium and long-term outlook stays more positive than the short-term one.
• Related trades are mixed: Bitcoin and Ethereum positions remain in profit, while Monero and XRP positions have moved into losses.

Outlook: Short-term looks shaky, but the picture improves over the coming weeks and months if the broader uptrend holds.

## Bitcoin Levels

• **Bias:** Bearish short-term, cautiously bullish medium-to-long-term
• **Buy / accumulate:** $79,000, $76,500, then $72,500
• **Support:** $79,000 and $76,000 (weekly EMA ribbon), $72,000 (next major support)
• **Resistance:** $82,135 (former support, now resistance after breakdown), $86,564
• **Targets:** $72,000 downside target
• **Invalidation:** Weekly close back above $82,135 would challenge the bearish breakdown thesis