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After jumping by 10% last week, Bitcoin (BTC) reached a level of crucial resistance, which could temporarily push or stop the manifestation of Crypto flagship towards a new maximum of all time (ATH).
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Bitcoin affects the key level
Bitcoin recently skipped the $ 100,000 barrier for the first time since February. During its significant weekly services, BTC has increased by more than 10% to reach a maximum of three months of $ 105,500 Monday, fueling the feeling of investors as regards a new ATH meeting.
On Monday, the Analyst Rekt Capital showed that the peak cryptocurrency gathered on the entire reinforced range, concluding its detour to the reduction and the correction of the discovery of the first price. After increasing $ 104,500 to the maximum, Bitcoin faced the refusal from this key level, momentarily putting its event.
He stressed that Bitcoin has already had its first price discovery and the correction of the discovery of prices. The cryptocurrency is now trying to confirm its upward trend of the second price, but must recover the level of $ 104,500 as a support to confirm this phase.
As the analyst explained, this level is currently acting as resistance after having closed the week at $ 104,118, just below the high range. He added that “technically BTC can try to confirm an upward tendency beyond this point by closing daily above $ 104.5k and therefore keeping it as a support, so it will be worth watching for this less time confirmation.”
However, “until this confirmation is present, this resistance will continue to act as one. And how resistance do, tend to refuse the price”.
According to Rekt Capital, Bitcoin repeated some key elements from his post-parto interval in his current range, suggesting that if BTC continues to refuse from this level, he could face a post-breakout test of his low resistance.
A dive left before Aths?
Previously, the analyst has described in detail that BTC could repeat his performances of the fourth quarter 2024, in which the cryptocurrency resumed from his diverting to hit a new ATH.
Initially BTC has been rejected to its low resistance and fell to the minimum of the interval before breaking above the lower above, repeating it as a support and climbing for a new ATH.
In order for the story to be repeated, BTC must be rejected at $ 99,000, hold $ 93,500 as a support and break the $ 97,000- $ 99,000 band before being rejected to the resistance of $ 104,500, which is the level “to transform the support for Bitcoin for Breakout in its second detection of the price”.
In particular, BTC has followed this path closely last week, to be rejected near $ 99,000 and repeating the support of $ 93,500 before jumping above the sign of $ 100,000. To continue this performance, the cryptocurrency must return to the $ 97,000-$ 99,000 interval and keep it as a support for a breakout similar to new ATHs.
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In his Monday analysis, Rekt Capital shared that BTC’s low resistance is at the level of $ 98,500, indicating that a 5% drop could be in advance. However, he observed that the test “does not need to happen at all”, since Bitcoin could close daily above the key resistance, keep this level and gather in new ATHs.
“But in the event of a dip, transforming the high resistance into a new support could completely confirm the interruption of this lower bass, transform it into new support and, in doing this, consolidates the positioning of BTC in the portion of $ 98.5k- $ 104.5k of the reaccumulation interval,” he concluded.
In the foreground image from Usplash.com, graphic designer from tradingview.com