Rekt Capital shared insights on Bitcoin’s (BTC) price action, emphasizing the importance of a critical resistance level. He noted that Bitcoin is potentially forming an upside wick beyond the Range High of the re-accumulation range. However, he acknowledged that it’s still early in the week, meaning the situation could evolve significantly.
In his analysis, Rekt Capital posted chart illustrating Bitcoin’s movements within a defined re-accumulation range on the weekly timeframe. A key focus is the Range High Resistance, marked by a red horizontal line around the $73,000 mark.
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This level has historically acted as a strong resistance, with Bitcoin testing it multiple times. The circles in his chart indicate previous attempts where the price reached this area before retracing.
The current price movement, denoted by a yellow circle, shows Bitcoin once again challenging this resistance level. The presence of an upside wick on the current candle suggests that Bitcoin briefly surpassed this resistance but subsequently settled lower, indicating both buying pressure and persistent resistance.
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Show more +Rekt Capital emphasized the necessity of a weekly close above the Range High for Bitcoin to confirm a breakout. Achieving this would signal a significant shift in market structure, potentially initiating a new uptrend for BTC.
He further elaborated on the re-accumulation range, defined by the green support line and the red resistance line. Bitcoin has been fluctuating within this range, and breaking above it could indicate stronger bullish momentum in the market.
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