Bitcoin Recovery Still in Question Despite Recent Uptick; BTC Price Must Close Above This Level First

The price of Bitcoin has shown some signs of recovery after a downward slope since January 11th. The price seemed to meet a local bottom around $38,500 4 days ago and since then has moved up to $41,600. However, Rekt Capital doesn’t seem convinced that the price recovery is fully back on track yet.

Rekt Capital’s Take
“BTC Great recovery as anticipated but Bitcoin needs to Weekly Close above the $41300 Range Low to rescue the range Nothing concrete just yet as this could technically be a brief upside deviation back inside the range Interesting weekend ahead”

Rekt Capital believes that while the recent uptick has been a great start, Bitcoin needs to see a weekly close above $41,300 for the recovery to be considered sustainable. If Bitcoin fails to close above this level, the rally could just be a temporary bounce rather than a true trend reversal.

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This sets up an interesting weekend in the crypto markets as traders watch to see if Bitcoin can definitively move out of its recent range or if more sideways trading is ahead. Rekt Capital and other analysts will be monitoring the weekly close on Sunday to gauge the strength of the recovery.

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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.