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<p>Bitcoin’s price action is balancing between bullish momentum and market resistance. Despite a rejection lately, Bitcoin has preserved its bullish trend, showing resilience amid market pressures. Analyst Rekt Capital has revealed Bitcoin’s price trajectory and potential future movements.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> <br><br>Despite yesterday's rejection, Bitcoin has managed to preserve its recent bullish momentum<br><br>Now needs a Daily Close above $58350 (black) to move higher<br><br>That would fuel upside to ~$60600 (blue)<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/ZFcKyuTjk9" target="_blank" rel="noopener noreferrer nofollow">https://t.co/ZFcKyuTjk9</a> <a href="https://t.co/9lPa1pTcoa" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/9lPa1pTcoa</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1811358303416434983?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 11, 2024</a>
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<h2 class="wp-block-heading" id="strong-bitcoin-btc-price-analysis-strong"><strong>Bitcoin (BTC) Price Analysis</strong></h2>
<p>According to Rekt Capital, Bitcoin’s price needs a close above $58,350 to maintain its bullish momentum. This crucial level serves as a key resistance point.&nbsp;</p>
<p>A successful breach of this level could propel Bitcoin towards the $60,600 mark. This threshold is as it indicates a potential continuation of the bullish trend.</p>
<p>Rekt Capital<a href="https://x.com/rektcapital/status/1811358303416434983" target="_blank" rel="noopener noreferrer nofollow"> noted</a>, <em>“Despite yesterday’s rejection, Bitcoin has managed to preserve its recent bullish momentum.”</em> This resilience is key for traders and investors watching Bitcoin’s performance closely.</p>
<p>The analyst also highlighted the ongoing price action clustering. This phenomenon, coupled with a bullish divergence, is aiding Bitcoin’s current market position.&nbsp;</p>
<p>Moreover, the divergence indicates that despite recent price dips, there is an underlying strength in the market. This strength could support a future rally.</p>
<p><em>“The price action clustering continues, and the Bullish Divergence is lending a hand in facilitating this process,”</em> Rekt Capital <a href="https://x.com/rektcapital/status/1811358719218774161" target="_blank" rel="noopener noreferrer nofollow">stated</a>. This insight suggests a potentially favorable environment for Bitcoin’s price recovery.</p>
<h2 class="wp-block-heading" id="strong-weekly-candle-close-above-60-600-strong"><strong>Weekly Candle Close Above $60,600</strong></h2>
<p>For a more sustained bullish trend, Bitcoin needs to rally an additional 3.5%. Achieving this would position Bitcoin for a weekly candle close above $60,600, an essential target for reclaiming the range low.&nbsp;</p>
<p>This level is critical for Bitcoin to re-establish its re-accumulation range, providing a foundation for further price increases.</p>
<p>Rekt Capital emphasized, <em>“Bitcoin only needs to rally an extra +3.5% to position itself for a Weekly Candle Close above $60,600.”</em> This target is crucial for Bitcoin’s short-term prospects.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/heres-why-kaspa-kas-price-is-set-to-explode/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Here’s Why Kaspa (KAS) Price is Set to ‘Explode’</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-monthly-timeframe-retest-strong"><strong>Monthly Timeframe Retest</strong></h2>
<p>On the monthly timeframe, Bitcoin is retesting its old all-time high resistance area as new support.&nbsp;</p>
<p>Despite the downside wick observed in July, Bitcoin needs to hold this level to maintain its bullish stance. This retest is key for long-term investors, indicating whether Bitcoin can convert past resistance into support.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> <br><br>On the Monthly timeframe, Bitcoin is still retesting the old All Time High major resistance area (red) as new support (green), despite the downside wick this July<br><br>Needs to continue holding here<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/qSaSTe60ii" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/qSaSTe60ii</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1811371015747903933?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 11, 2024</a>
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<p>Rekt Capital observed, <em>“Bitcoin is still retesting the old All Time High major resistance area as new support, despite the downside wick this July.”</em> This retest will determine Bitcoin’s long-term trajectory.</p>
<h2 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h2>
<p>Bitcoin’s immediate future hinges on critical price levels and market behaviours. A daily close above $58,350, coupled with a rally towards $60,600, could solidify Bitcoin’s bullish momentum.&nbsp;</p>
<p>Additionally, holding the old all-time high as new support on the monthly timeframe is crucial. These insights from Alan Santana and Rekt Capital provide a comprehensive view of Bitcoin’s current market dynamics</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-poised-for-breakout-analyst-reveals-critical-levels-for-btcs-next-bull-run/" rel="noopener noreferrer nofollow">Bitcoin Poised for Breakout: Analyst Reveals Critical Levels for BTC’s Next Bull Run</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Poised for Breakout: Analyst Reveals Critical Levels for BTC’s Next Bull Run

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