The Bitcoin price is relatively stable in the last few days, trading in the $96,500 to $98,000 range. One of the crypto veterans and leading analysts, Rekt Capital, believes this is perfectly normal for this phase of the bull run.
According to Rekt Capital’s recent analysis, Bitcoin has successfully completed its first Price Discovery Uptrend. The BTC price is now attempting to reverse course following its initial Price Discovery Correction. Based on historical patterns, Rekt Capital suggests that Bitcoin could initiate its second Price Discovery Uptrend toward new highs in the coming weeks.
#BTC
— Rekt Capital (@rektcapital) February 11, 2025
Bitcoin has completed its 1st Price Discovery Uptrend$BTC is trying to trend reverse out of its 1st Price Discovery Correction
History suggests over the next few weeks…
Bitcoin should be able to embark on its 2nd Price Discovery Uptrend to new highs#Crypto #Bitcoin
Bitcoin Price: Key Levels
The current market structure shows Bitcoin navigating through several critical price levels. A descending trendline resistance has formed, marked by a series of lower highs that indicate a temporary downward trajectory. However, a secondary trendline appears to be providing crucial support, with Bitcoin showing signs of stabilization at these levels.
#BTC
— Rekt Capital (@rektcapital) February 11, 2025
Bitcoin continues to enjoy price stability at the blue diagonal trendline support which is a positive
However, BTC needs a Daily Close above ~$97700 (light blue) and/or reclaim said level as support to build on its momentum towards $101k (black)$BTC #Crypto #Bitcoin https://t.co/LdmHPHoyuv pic.twitter.com/zU7GvOudp3
The key resistance levels to watch include $106,148 and $101,165, with the latter serving as a crucial barrier that Bitcoin needs to overcome to confirm an upward movement. The $97,700 level has emerged as a pivotal point – a successful close above this mark could sustain upward momentum. Meanwhile, $96,235 serves as near-term support, with additional strong support zones at $91,070 and $87,325.
Recent price action shows Bitcoin finding consistent support at the lower trendline, with multiple successful tests indicating buyer presence. While currently trading near the $97,700 mark, a daily close above this level could push Bitcoin toward the $101,000 region. However, failure to maintain these levels might lead to retests of lower support zones.
Read also: Bitcoin, XRP & SOL Price Prediction: What Should Investors Expect This Week?
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