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Bitcoin’s (BTC) rally could be halted or pushed back temporarily after it jumped by 10% in the last week.
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Bitcoin Hits Key level
Bitcoin recently broke through $100,000 for the very first time since the beginning of February. BTC surged more than 10% during its impressive weekly performance to reach a 3-month high on Monday of $105,500. The investors are now optimistic about a new ATH.
On Monday, Analyst Rekt Capital highlighted The flagship cryptocurrency rallied throughout the reaccumulation range to end its downward deviation, and first price discovery. Bitcoin, after surging up to its high range of $104,500 has experienced rejection at this level. This momentarily halted its rally.
He noted that Bitcoin had already experienced its Price Discovery Uptrend, and Price Discovery correction. Now, the cryptocurrency is attempting to confirm a second Price Discovery Uptrend. But it must reclaim $104,500 as support in order to complete this phase.
Analysts explained that this level has been acting as resistance since it ended the week at just $104,118. range high. He also added: “technically BTC can try to confirm an uptrend beyond this point by Daily Closing above $104.5k and then holding it as support, so it will be worth watching for this lower timeframe confirmation.”
However, “until that confirmation is in, this resistance will continue to act as one. And as resistances do, they tend to reject price.”
Rekt Capital claims that Bitcoin is repeating some key elements of its range from the Post-halving period in its current range. If BTC keeps rejecting from this level it might face a subsequent retest to its previous lower high resistance.
Only One Dip Before the ATHs
The analyst was formerly a savant detailed BTC may be similar to its performance in Q4 of 2024, when the crypto recovered from its downward deviation and hit a brand new ATH.
BTC was initially rejected by its lower-high resistance, fell to range lows, then broke above it, retesting the lower-high as support and soaring up to a brand new ATH.
To repeat history, BTC needs to get rejected again at $99,000. It must hold support at $93,500 and then break through the $97,000-$99,000 zone before getting rejected again at the $104,500 level. “to turn into support for Bitcoin to breakout into its second Price Discovery Uptrend.”
BTC has followed this pattern closely in the last week. It was rejected at $99,000, and then retested the support of $93,500 before hitting the $100,000 level. For this to continue, BTC must drop to $97,000-99,000 and use it as a support to break out to new ATHs.
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Rekt Capital revealed in its Monday analysis that BTC’s lower high resistance level is $98,500. This indicates that there will be a 5 % increase. drop Could be in front. He did note that the retest was not yet complete. “doesn’t need to happen at all,” Bitcoin may Daily Close Above the Key Resistance, Hold this Level, and Rally to New ATHs.
“But in the event of a dip, turning the Lower High resistance into a new support could fully confirm the break of this Lower High, turn it into new support, and in doing so, solidify BTC’s positioning in the $98.5k-$104.5k portion of the ReAccumulation Range,” He said.
Charts from TradingView.com and Unsplash.com.
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Source: www.newsbtc.com
