Widely followed crypto analyst Rekt Capital says that Bitcoin (BTC) looks bullish after successfully retesting a strong support level.
The pseudonymous analyst tells his 548,000 followers on the social media platform X that Bitcoin is attempting to move into a “price discovery uptrend.”
[adinserter block="1"]Price discovery often refers to a process when the price of an asset moves to uncharted territory, forcing buyers and sellers to seek agreement on value.
Says Rekt Capital,
“Bitcoin Price Discovery Roadmap:
Bitcoin is currently in a transitional phase.
Price is trying to successfully post-breakout retest its ReAccumulation Range to transition into Price Discovery Uptrend 2.
A volatile retest/deviation here could occur.”
Rekt Capital says that BTC closing above $104,400 on the week could be the key signal that it has successfully retested the demand zone and is gearing up for higher prices.
“The retest continues to be successful.
Can Bitcoin successfully confirm this retest with a Weekly Close above $104400 for what would be a 4th week in a row?”
Zooming in on the daily chart, the trader says that BTC needs to close above its immediate resistance and flip it into support to fully confirm a bullish continuation of the trend.
“On the Daily timeframe, Bitcoin is showcasing signs of breaking its two-week Downtrend (light blue) while also turning it into support…
Daily Closing & retesting ~$106,600 (black) would be even better to enable trend continuation.”
At time of writing, BTC is trading at $105,528.
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