Bitcoin Accumulation Range Nearing Breakout, BTC Expert Identifies Key Metric to Watch Closely for a Bullish Trigger

A popular crypto expert known as Rekt Capital is suggesting Bitcoin (BTC) could soon break out of its ongoing reaccumulation range.

Rekt Capital points to Bitcoin’s recent 18% pullback from highs, which has left the cryptocurrency trading in a tight weekly range. The upper bound of this range is defined by the 2021 peak price around $69,200, which previously served as resistance before being flipped into support during the rally.

“Bitcoin has been sandwiched inside this Weekly range,” Rekt Capital stated, referring to the range between the 2021 peak price and the subsequent higher wick top around the same level.

According to the analyst, a weekly candlestick close above the $69,200 level could “confirm the end of this pullback period and confirm that Bitcoin is ready to breakout from this Weekly range.”

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

Essentially, Rekt Capital views the current trading pattern as a reaccumulation range before the next leg up in Bitcoin’s longer-term bull market. A reaccumulation range refers to a period of consolidation following a sharp price increase, where traders and investors accumulate more of the asset.

In a follow-up tweet, the analyst reiterated that Bitcoin is “on the cusp of Weekly Candle Closing above the old All Time High resistance of ~$69,000.” Clearing this hurdle “would position BTC for a breakout from this Re-Accumulation Range,” Rekt Capital added.

However, the analyst cautioned that traders should “see how the Weekly Candle Closes first” before getting too bullish on a breakout scenario.

Bitcoin is currently trading around $70,00 as the market awaits the weekly candlestick close later today. A close above $69,200 could bolster the bullish outlook, while a failure to clear that level may suggest more reaccumulation is needed.

You may also be interested in:

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo