Bitcoin

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Rekt

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 <p class="paragraph">Bitcoin (BTC) is consolidating above $67,000 after facing rejection at the $70,000 mark, while the market anticipates a potential breakout.</p>
 <p class="paragraph">Indeed, crypto trading <a rel="noopener noreferrer nofollow" title="expert" href="https://thebittimes.com/tag/expert.html">expert</a><em> Rekt Capital</em> believes that Bitcoin has room for a breakout, but the cryptocurrency needs to clear specific barriers.</p>
 <p class="paragraph">Particularly, in a post on X (formerly Twitter) on June 1, the <a rel="noopener noreferrer nofollow" title="expert" href="https://thebittimes.com/tag/expert.html">expert</a> stated that Bitcoin’s path to recovery hinges on ceasing its current pattern of forming lower highs.</p>
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 <p class="paragraph"><em>Rekt Capital’s</em> <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> highlighted a consistent rejection of Bitcoin at decreasing price points, a trend that has characterized the cryptocurrency’s performance over recent months.&nbsp;</p>
 <p class="paragraph">He noted that the price levels of $71,600 and around $70,000 have acted as resistance in Bitcoin’s recent trading history. These zones have repeatedly capped Bitcoin’s attempts to rally, confirming them as significant barriers that must be overcome for a bullish reversal to materialize.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="680" height="480" src="https://cdn.thebittimes.com/images/2024/06/02/30ba59cc3f8337fb64a0e1bbc042a129.webp" alt="" class="wp-image-180147" srcset="https://cdn.thebittimes.com/images/2024/06/02/30ba59cc3f8337fb64a0e1bbc042a129.webp 680w, https://cdn.thebittimes.com/images/2024/06/02/30ba59cc3f8337fb64a0e1bbc042a129.webp 300w" sizes="(max-width: 680px) 100vw, 680px">
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  <p class="paragraph">“Bitcoin continues to reject at lower and lower prices, forming a series of Lower Highs. First Bitcoin rejected at ~$71,500. Then, price confirmed the blue square as a local topping area, as per recent history. When this series of Lower Highs ends, that is when Bitcoin will start to pick back up again,” he said.</p>
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 <h2 class="wp-block-heading" id="h-implication-of-bitcoin-s-price-movement-nbsp">Implication of Bitcoin’s price movement&nbsp;</h2>
 <p class="paragraph">In technical terms, a lower high occurs when a peak is lower than the preceding peak, signaling a bearish trend as sellers increasingly dominate the market. The identification of successively lower highs at the $71,500 mark, followed by subsequent rejections at progressively lower price points, underlines a persistent downward pressure on Bitcoin’s price.</p>
 <p class="paragraph">Based on the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, when Bitcoin establishes a higher high, it would indicate a shift in market sentiment, potentially paving the way for renewed bullish activity.</p>
 <p class="paragraph">On March 26, the <a rel="noopener noreferrer nofollow" title="expert" href="https://thebittimes.com/tag/expert.html">expert</a> also pointed out that if Bitcoin successfully retests the $69,170 area, it will enable further upside.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">#BTC <br><br>Successful retests at the orange area (green circles) are what enable further upside<br><br>But the retests dating to March only fed into local top structures, however (blue squares)<br><br>History suggests this tendency may continue, as Bitcoin rarely breaks to new All Time Highs… pic.twitter.com/UVZ8xvFfXG</p>— Rekt Capital (@rektcapital) May 26, 2024
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 <p class="paragraph">Notably, Bitcoin failed to maintain the momentum established early in the week after the crypto surged to $69,000 on Monday. However, bulls could not sustain the upward trajectory as the crypto retracted. This coincided with the hacking of Japan’s crypto exchange DMM Bitcoin, which lost over $300 million in Bitcoin.</p>
 <p class="paragraph">Overall, Bitcoin remains sluggish, failing to make a significant move in either direction.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">Bitcoin’s consolidation is evident in the asset’s weekly timeframe, which reflects a correction of over 2% during the period. In the last 24 hours, Bitcoin is down over 0.1%, trading at $67,485 by press time.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/06/02/6abe6cf51fc77ad828d333c975c73e0f.webp" alt="" class="wp-image-180149" srcset="https://cdn.thebittimes.com/images/2024/06/02/6abe6cf51fc77ad828d333c975c73e0f.webp 675w, https://cdn.thebittimes.com/images/2024/06/02/6abe6cf51fc77ad828d333c975c73e0f.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">In the meantime, the challenge is on Bitcoin bulls to help the asset exit the current consolidation so that it can have a real shot at reclaiming a new record high.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/trading-expert-sets-one-condition-for-bitcoin-to-pick-back-up-again-tbt90945.html">https://thebittimes.com/trading-expert-sets-one-condition-for-bitcoin-to-pick-back-up-again-tbt90945.html</a></p>

Trading expert sets one condition for Bitcoin to ‘pick back up again’

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