Crypto analyst Rekt Capital reports that Bitcoin (BTC) is positioned for an uptrend after successfully retesting a critical support level.
Addressing his 548,000 followers on X, the analyst noted Bitcoin appears to be entering a “price discovery uptrend,” a phase where the asset’s price moves into new territory, prompting buyers and sellers to establish a new value consensus.
“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 highlights that a weekly close above $104,400 could confirm the successful retest of the demand zone, potentially paving the way for higher prices.
“The retest continues to be successful.
Can Bitcoin successfully confirm this retest with a Weekly Close above $104,400 for what would be a 4th week in a row?”
Examining the daily chart, the analyst suggests BTC must close above its immediate resistance level and turn it into support to confirm a bullish trend continuation.
“On the Daily timeframe, Bitcoin is showcasing signs of breaking its two-week downtrend while also turning it into support.
Daily closing and retesting around $106,600 would further support trend continuation.”
At the time of writing, Bitcoin trades near $105,528.
Note: This article is for informational purposes only and does not constitute investment advice. Investors should perform their own research and be aware of the risks associated with cryptocurrency trading.