There are signs that the market has begun to break out of the recent weeks' quiet zone. BTC has now risen to 77.7K, but this is where the real test begins. Looking at the weekly chart, the survival zone from 54K to 70K has already been broken through, but to demonstrate true strength, another confirmation is needed at this stage.

What concerns me is the RSI. The weekly RSI remains in the oversold territory, which has historically served as a bottom formation signal. In other words, technically, there is still room for an upward move. If the current level is firmly supported, there is a good chance of heading beyond 90K.

Conversely, if it falls below 54K, the story changes. In that case, a deeper correction should be expected. Ultimately, where the closing price of this weekly candlestick ends will determine everything. We need to stay patient and carefully watch what the indicators are telling us.