Bitcoin (BTC) is showing promising signs of regaining momentum after retesting crucial support levels, according to an analysis from Rekt Capital’s newsletter. The leading crypto has been navigating a downtrending channel for weeks but now appears poised for a potential breakout, provided it clears key price barriers.
Following a recent pullback, Bitcoin successfully retested the downtrend that had been broken weeks earlier. This move confirms the downtrend as new support, which sets the stage for further bullish momentum.
New edition of the RC Newsletter is out! Bitcoin Price Discovery WavesWhat could we expect when $BTC rallies into Price Discovery?Sign up here:https://t.co/tgCdxh6zp3#BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) October 7, 2024
In addition, BTC has reclaimed the 21-week Bull Market EMA, a key indicator of market sentiment, as support. However, to capitalize on this momentum, Bitcoin needs to retest and hold the August highs, around $64,200, as support.
Last week, BTC fell short of this crucial test, failing to reclaim the level before facing resistance. This week will be pivotal in determining whether BTC can break through this level and challenge the downtrending channel top.
Key Resistance at $64,200
One of the critical hurdles for Bitcoin remains the August highs at $64,200. Currently, BTC is experiencing initial resistance at this level. According to Rekt Capital, Bitcoin needs a daily close above $64,200 to trigger another push toward breaking the downtrending channel.
If Bitcoin can achieve this close, it will avoid forming a cluster of price action below the resistance, which could lead to a rejection similar to the one witnessed in late August. The next few days will be crucial in determining whether BTC can break free from its current pattern.
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Weekly Reaccumulation Range Retested
On the weekly chart, Bitcoin price has successfully retested the reaccumulation range low of $60,600. This level, which was broken weeks ago, has now been confirmed as new support, allowing Bitcoin to stabilize within this range.
Three weeks ago, BTC moved above the range low, ending a period of downward deviation, which was seen as a bargain-buying opportunity. With a solid base established at this support, Bitcoin is positioned for an upward move within the reaccumulation range.
However, the immediate focus remains on reclaiming $64,200 and then targeting the range high near $71,300. For Bitcoin to continue its ascent, it must first overcome the downtrending channel top.
A breakout above this resistance would open the path for BTC to target higher levels, including the reaccumulation range high at $71,300.
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