Notable Bitcoin analyst Rekt Capital posted an update on the cryptocurrency’s price chart, stating that Bitcoin needs to break a key resistance level before it can continue its upward run.
As Rekt Capital explained, “BTC doing all the right things to reclaiming the top of the pattern as support Needs a Daily Candle Close above this resistance to attempt another run to the upside.” He pointed out that it is important for Bitcoin’s price to not just briefly spike above the resistance level, represented by the yellow circles on the chart, but to close the daily candle above it.
Currently, Bitcoin’s price is around $43,000, after rejecting from around $44,000 yesterday after partially breaking into the resistance zone. Rekt Capital mentioned that Bitcoin had hit similar levels before, only to face rejection and drop back down, as indicated by the upside wicks on previous candles.
To summarize, Bitcoin needs a proper daily close above the $45,000 resistance area before there can be further momentum to the upside. As Rekt Capital stated, this would “attempt another run to the upside.” Without getting that key close, Bitcoin risks forming another upside wick and facing rejection.
Traders and investors will be closely watching to see if Bitcoin can definitively break through this level in the coming days and sustain its push higher. Its ability or inability to do so could set the tone for where the cryptocurrency heads next.
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