Bitcoin

Bull Market

Resistance

Rekt (rektarb.xyz)

Rekt

<p><a href="https://captainaltcoin.com/bitcoin-price-update-btc-is-ready-for-68000-and-above-but-heres-the-catch/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC) is showing promising signs</a> of regaining momentum after retesting crucial support levels, according to an analysis from <a href="https://newsletter.rektcapital.co/bitcoin-price-discovery-waves/" target="_blank" rel="noopener noreferrer nofollow">Rekt Capital’s newsletter</a>. 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.</p>
<p>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.&nbsp;</p>
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   <p lang="en" dir="ltr">New edition of the RC Newsletter is out! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Bitcoin Price Discovery Waves<br><br>What could we expect when <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> rallies into Price Discovery?<br><br>Sign up here:<a href="https://t.co/tgCdxh6zp3" target="_blank" rel="noopener noreferrer nofollow">https://t.co/tgCdxh6zp3</a><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1843346497506603491?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 7, 2024</a>
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<p>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.&nbsp;</p>
<p>Last week, <a href="https://www.investing.com/news/cryptocurrency-news/bitcoin-price-today-falls-to-62k-as-rate-jitters-persist-3652330" target="_blank" rel="noopener noreferrer nofollow">BTC fell short of this crucial test</a>, 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.</p>
<h3 class="wp-block-heading" id="strong-key-resistance-at-64-200-strong"><strong>Key Resistance at $64,200</strong></h3>
<p>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.</p>
<p>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.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/sui-price-pumps-but-will-vcs-dump-on-you-analyst-weighs-in/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>SUI Price Pumps, But Will VCs Dump On You? Analyst Weighs In</em></strong><br></a></p>
<h3 class="wp-block-heading" id="strong-weekly-reaccumulation-range-retested-strong"><strong>Weekly Reaccumulation Range Retested</strong></h3>
<p>On the weekly chart, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price has successfully</a> 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.&nbsp;</p>
<p>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.&nbsp;</p>
<p>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.&nbsp;</p>
<p>A breakout above this resistance would open the path for BTC to target higher levels, including the reaccumulation range high at $71,300.</p>
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<p>The post <a href="https://captainaltcoin.com/is-bitcoin-showing-discovery-waves-heres-what-to-expect-from-btc-price/" rel="noopener noreferrer nofollow">Is Bitcoin Showing Discovery Waves? Here’s What To Expect From BTC Price</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Is Bitcoin Showing Discovery Waves? Here’s What To Expect From BTC Price

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