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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin (BTC/USD), the leading cryptocurrency by market capitalization, faces potential headwinds as it struggles to sustain its recent gains. Pseudonymous crypto strategist Rekt Capital, known for accurately forecasting Bitcoin’s retracements, warns of a potential multi-week correction. BTC has broken below two critical weekly support levels, raising concerns about the continuation of its short-term uptrend.
Bitcoin’s Support Levels Turn Into Resistance
According to Rekt Capital, Bitcoin’s price action on the weekly chart shows increasing signs of a shift towards a prolonged correction phase. The analyst points out that BTC has flipped old support levels into resistance, a bearish signal that could lead to further downside movement.
“The weekly support has been lost. The five-week technical uptrend is over. Bitcoin is showing increasing signs of transitioning into a multi-week correction. Any relief rally into these old supports could turn them into new resistance,” says the strategist.
With Bitcoin currently trading at $93,956, up 0.29% over the last 24 hours, the cryptocurrency remains within range of the critical $92,000 support zone. Failure to maintain this level could result in a decline toward $90,000 or lower.
Daily Technical Outlook: Bitcoin Faces Key Levels
Bitcoin’s 4-hour chart reveals a triple-bottom pattern, providing temporary support near $92,000. Immediate resistance is noted at $95,234, followed by $96,860 and $98,361.
On the downside, support levels at $92,103 and $89,613 are crucial for bulls to defend.
Technical indicators suggest mixed momentum. Bitcoin is trading below its 50 EMA at $94,849, reflecting near-term bearish sentiment. Meanwhile, the RSI at 48.38 signals improving momentum, indicating potential for a bullish reversal if buying pressure increases.
Analyst’s Outlook: Caution Amid Uncertainty
Rekt Capital emphasizes that Bitcoin must reclaim the $94,250 level to prevent a sharper decline into the low $90,000s. However, the triple-bottom formation suggests resilience, with bulls likely to remain active near $92,000. Traders should monitor these key levels closely as BTC navigates this critical phase.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
