Bitcoin price prediction for this weekend

Bitcoin is about to conclude a difficult week after falling almost 10%. However, buyers seem determined to stop this downward trend.

Chart for TradingView BTC Price Prediction

A closer look at Bitcoin shows that it formed a bearish wedge from which the price fell between Monday and Tuesday. Fortunately, buyers showed resilience at the 58k support level and managed to stop this downtrend, at least for now.

It is critical that BTC price stays above the $58,000 support this weekend. Otherwise, the sellers will take full control of the AP and aim to review the 50k low support as at the beginning of August.

TradingView BTC Momentum Chart Continues Down

Even if buyers return, the overall momentum of the weekly MACD remains bearish. The moving averages are going down, but at least the histogram is making higher lows. This could indicate that a reversal of this downward trend could occur in the future.

To confirm a reversal and turn bullish, Bitcoin price needs to break above $64,000 again and turn this key level into a support.

Chart by TradingView

BTC is at $59,420 at press time.

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