Candle

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Rekt

<p>A popular crypto expert known as Rekt Capital is suggesting Bitcoin (BTC) could soon break out of its ongoing reaccumulation range.</p>
<p><a href="https://twitter.com/rektcapital/status/1772279810217103418" target="_blank" rel="noopener noreferrer nofollow">Rekt Capital </a>points to Bitcoin’s recent 18% pullback from highs, which has left the cryptocurrency trading in a tight weekly range. The upper bound of this range is defined by the 2021 peak price around $69,200, which previously served as resistance before being flipped into support during the rally.</p>
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<p>“Bitcoin has been sandwiched inside this Weekly range,” Rekt Capital stated, referring to the range between the 2021 peak price and the subsequent higher wick top around the same level.</p>
<p>According to the analyst, a weekly candlestick close above the $69,200 level could “confirm the end of this pullback period and confirm that Bitcoin is ready to breakout from this Weekly range.”</p>
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<p>Essentially, Rekt Capital views the current trading pattern as a reaccumulation range before the next leg up in Bitcoin’s longer-term bull market. A reaccumulation range refers to a period of consolidation following a sharp price increase, where traders and investors accumulate more of the asset.</p>
<p>In a <a href="https://twitter.com/rektcapital/status/1774479121566822890" target="_blank" rel="noopener noreferrer nofollow">follow-up tweet</a>, the analyst reiterated that Bitcoin is “on the cusp of Weekly Candle Closing above the old All Time High resistance of ~$69,000.” Clearing this hurdle “would position BTC for a breakout from this Re-Accumulation Range,” Rekt Capital added.</p>
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<p>However, the analyst cautioned that traders should “see how the Weekly Candle Closes first” before getting too bullish on a breakout scenario.</p>
<p>Bitcoin is currently trading around $70,00 as the market awaits the weekly candlestick close later today. A close above $69,200 could bolster the bullish outlook, while a failure to clear that level may suggest more reaccumulation is needed.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-accumulation-range-nearing-breakout-btc-expert-identifies-key-metric-to-watch-closely-for-a-bullish-trigger/" rel="noopener noreferrer nofollow">Bitcoin Accumulation Range Nearing Breakout, BTC Expert Identifies Key Metric to Watch Closely for a Bullish Trigger</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Accumulation Range Nearing Breakout, BTC Expert Identifies Key Metric to Watch Closely for a Bullish Trigger

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