Crypto strategist Rekt Capital has issued a warning regarding Bitcoin‘s potential decline due to rising resistance levels. In a post shared on the social media platform X, he highlighted Bitcoin’s ongoing struggle to regain crucial weekly support.
What Does Bitcoin’s Current Trend Indicate?
Rekt Capital informed his 523,400 followers that Bitcoin is currently facing a short-term downward trend. Trading near $90,000, he cautioned that a failure to uphold support levels could result in further price drops. He stated, “Bitcoin is providing further indications of a decline under present circumstances,” noting that the possibilities for a bullish market appear limited.
Could Historical Trends Advocate for a Recovery?
The strategist reminded his audience that recoveries typically follow historical correction weeks. He observed, “Bitcoin may experience gains after navigating through these corrections,” underscoring the importance of vigilance among traders.
In the ongoing bull market cycle, Bitcoin has made about 38% progress, with Rekt Capital suggesting that the concluding phase of bull markets can be the most dynamic. Key insights include:
- Bitcoin has surged 125% in value over the past year.
- Current trading stands at $98,151.
- Market direction hinges on support and resistance movements.
The cryptocurrency landscape remains volatile, necessitating close attention from traders. With opportunities and risks intertwined, strategic decision-making is crucial for navigating these uncertain times.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/will-bitcoins-resistance-levels-trigger-a-drop