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Bitcoin Price Analysis: Critical Moment for BTC Amid Today’s Weekly Close

Since the major drop on Wednesday, the bitcoin price mostly traded around the same range of $64K. Today is the last day of the week; this means that on midnight UTC will see a weekly candle close. This candle close is critical for the next short-term.
The bulls need to see BTC makes a weekly close above $64.8k for the first step in breakout confirmation. As shown on the following chart, the bullish Cup and Handle pattern breakout was completed, with a back-test of previous resistance support at $64.8k.
In case of a bullish weekly close above $64.8K, it might turn into a very bullish signal and increase the probability of a rally towards $70k to $80k in the near term.
Despite the above, short-term holders will need to be mindful of the upcoming Mt. Gox Distribution.
BTC/USD, chart by TradingView.
The Technicals

Overall, higher time frame technical indicators are very bullish
Near term, 4-hour chart has been slowly trending higher, and if this continues, this could help push BTC price

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