Bitcoin (BTC) Poised for Breakout: Analyst Reveals Critical Levels for BTC\'s Next Bull Run

Bitcoin's price action is balancing between bullish momentum and market resistance. Despite a rejection lately, Bitcoin has preserved its bullish trend

Bitcoin (BTC) price action is balancing between bullish momentum and market resistance. Despite a rejection lately, BTC has preserved its bullish trend, showing resilience amid market pressures.

Analyst Rekt Capital has revealed Bitcoin’s price trajectory and potential future movements.

Bitcoin (BTC) Price Analysis

According to Rekt Capital, Bitcoin’s price needs a close above $58,350 to maintain its bullish momentum. This crucial level serves as a key resistance point.

A successful breach of this level could propel Bitcoin towards the $60,600 mark. This threshold is as it indicates a potential continuation of the bullish trend.

Rekt Capital noted, “Despite yesterday’s rejection, Bitcoin has managed to preserve its recent bullish momentum.” This resilience is key for traders and investors watching Bitcoin’s performance closely.

The analyst also highlighted the ongoing price action clustering. This phenomenon, coupled with a bullish divergence, is aiding Bitcoin’s current market position.

Moreover, the divergence indicates that despite recent price dips, there is an underlying strength in the market. This strength could support a future rally.

“The price action clustering continues, and the Bullish Divergence is lending a hand in facilitating this process,” Rekt Capital stated. This insight suggests a potentially favorable environment for Bitcoin’s price recovery.

Weekly Candle Close Above $60,600

For a more sustained bullish trend, Bitcoin needs to rally an additional 3.5%. Achieving this would position Bitcoin for a weekly candle close above $60,600, an essential target for reclaiming the range low.

This level is critical for Bitcoin to re-establish its re-accumulation range, providing a foundation for further price increases.

Rekt Capital emphasized, “Bitcoin only needs to rally an extra +3.5% to position itself for a Weekly Candle Close above $60,600.” This target is crucial for Bitcoin’s short-term prospects.

The above is the detailed content of Bitcoin (BTC) Poised for Breakout: Analyst Reveals Critical Levels for BTC's Next Bull Run. For more information, please follow other related articles on the PHP Chinese website!