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.”
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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.
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