Bitcoin Weekly Close: Will Support at 82,800 Hold or Spark a Breakout?

The weekly close of Bitcoin (BTC) is crucial for its price movement this week. As of now, market sentiment remains hot, with the Fear & Greed Index in the 'greed' zone, giving a slight advantage to bulls.

However, there are macro headwinds that could affect BTC's upside. US Treasury yields remain high, and concerns about further tightening of monetary policy linger. Despite these factors, BTC has shown considerable resilience, indicating a typical contradiction in the market: Macro factors cap the upside, capital inflows limit the depth of declines.

The area around 82,800 has become an important level to watch in the short term. If this support holds and the price rebounds, it could be a sign of a possible multi-timeframe bullish resonance below 12 hours. However, on a larger timeframe, there is still a need for adjustment on the daily chart.

For Ethereum (ETH), the situation is similar to BTC's. The short-term timeframes satisfy some rebound conditions, but corrections on the 12-hour, daily, and even weekly charts are not over yet. Therefore, it's more reasonable to treat this as just a technical recovery after a decline.