Bitcoin's price structure points to an upward trend, but the fundamentals remain weak.
These factors briefly improved toward neutral when Bitcoin recovered from the $60,000 level, and have rebounded since regaining the $70,000 level.
But this isn't enough.
The price can still rise.
However, for a trend reversal to occur in the medium term, Bitcoin needs confirmation from strong or neutral fundamentals.
Bitcoin has entered the fray: it closed the week above its true market average ($78,000) for the first time since late January.
This level is defining the market's direction.
In 2022, losing it led to a prolonged decline.
It recovered in 2023 after months of consolidation.
Holding it reverses the trend; losing it brings back downward pressure.
This week is crucial.
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