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Bitcoin is currently trading around 68,800 showing slight weakness on the weekly timeframe after a strong rejection from the 126K zone earlier. The market structure remains corrective, but there are early signs of stabilization near the 60K to 68K demand area.

On the weekly chart, BTC has formed a lower high followed by a sharp drop to around 59,980 which is acting as a key support level. Since then, price is consolidating and attempting to build a base. This zone is very important because holding above it can shift sentiment from bearish to neutral.

Moving averages show mixed signals. Price is slightly above MA10 and MA5 which suggests short term recovery momentum, but still below the MA30 indicating that the broader trend is not fully bullish yet. A breakout above 72K to 74K could confirm strength and open the door toward 80K and higher levels.

MACD is still in negative territory, but the histogram is flattening which hints that selling pressure is weakening. Volume also shows reduced selling intensity compared to the previous dump, another sign that bears may be losing control.

Key levels to watch are 60K as major support. Losing this level could trigger another drop toward 55K. On the upside, 72K to 74K is the first resistance zone. A clean breakout above this range can shift momentum strongly in favor of bulls.

Overall, the market is in a recovery and accumulation phase rather than a full trend reversal. Smart traders will wait for confirmation instead of chasing moves.

Stay patient. The next big move is loading.