Bitcoin’s price action is balancing between bullish momentum and market resistance. Despite a rejection lately, Bitcoin has preserved its bullish trend, showing resilience amid market pressures. Analyst Rekt Capital has revealed Bitcoin’s price trajectory and potential future movements.
What you'll learn 👉
Bitcoin (BTC) Price Analysis
According to Rekt Capital, Bitcoin’s price needs a close above $58,350 to maintain its bullish momentum. This crucial level serves as a key resistance point.
A successful breach of this level could propel Bitcoin towards the $60,600 mark. This threshold is as it indicates a potential continuation of the bullish trend.
Rekt Capital noted, “Despite yesterday’s rejection, Bitcoin has managed to preserve its recent bullish momentum.” This resilience is key for traders and investors watching Bitcoin’s performance closely.
The analyst also highlighted the ongoing price action clustering. This phenomenon, coupled with a bullish divergence, is aiding Bitcoin’s current market position.
Moreover, the divergence indicates that despite recent price dips, there is an underlying strength in the market. This strength could support a future rally.
“The price action clustering continues, and the Bullish Divergence is lending a hand in facilitating this process,” Rekt Capital stated. This insight suggests a potentially favorable environment for Bitcoin’s price recovery.
Weekly Candle Close Above $60,600
For a more sustained bullish trend, Bitcoin needs to rally an additional 3.5%. Achieving this would position Bitcoin for a weekly candle close above $60,600, an essential target for reclaiming the range low.
This level is critical for Bitcoin to re-establish its re-accumulation range, providing a foundation for further price increases.
Rekt Capital emphasized, “Bitcoin only needs to rally an extra +3.5% to position itself for a Weekly Candle Close above $60,600.” This target is crucial for Bitcoin’s short-term prospects.
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Monthly Timeframe Retest
On the monthly timeframe, Bitcoin is retesting its old all-time high resistance area as new support.
Despite the downside wick observed in July, Bitcoin needs to hold this level to maintain its bullish stance. This retest is key for long-term investors, indicating whether Bitcoin can convert past resistance into support.
Rekt Capital observed, “Bitcoin is still retesting the old All Time High major resistance area as new support, despite the downside wick this July.” This retest will determine Bitcoin’s long-term trajectory.
Conclusion
Bitcoin’s immediate future hinges on critical price levels and market behaviours. A daily close above $58,350, coupled with a rally towards $60,600, could solidify Bitcoin’s bullish momentum.
Additionally, holding the old all-time high as new support on the monthly timeframe is crucial. These insights from Alan Santana and Rekt Capital provide a comprehensive view of Bitcoin’s current market dynamics
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