Bitcoin is approaching a critical weekly close that could determine its trajectory towards all-time highs. Current analysis indicates that Bitcoin needs to maintain a price above approximately $104,500 for potential bullish momentum to continue. New multimonth highs have recently been recorded, potentially aided by low liquidity during off-hours trading and expectations surrounding a US-China trade deal. Trader Rekt Capital suggests that a successful weekly close could signify the start of a new price discovery phase for Bitcoin, targeting around $106,000. However, caution exists within the community, with some predicting a potential ‘fakeout’ that could trap late investors. Prominent trader Il Capo of Crypto warns of a possible correction that could undo recent gains. Overall, the Bitcoin market is showing mixed signals ahead of this crucial weekly close, heightening the anticipation for the future price movements.

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