Following crypto analysts say Bitcoin (BTC) is moving closer to confirming a breakout after repeatedly resisting stiff resistance.
A pseudonymous trader, Recto Capital, told his 504,000 followers on social media platform X that BTC is one day away from validating its breakout from the seven-month range.
“Bitcoin is once again putting pressure above the top of the resistance area (red).
Bitcoin only needs one daily close above red resistance to position itself for a solid breakout from here.
Daily closing prices are essential to ensure that there is no upside above resistance. ”
At the time of writing, BTC is trading at $68,163, close to the price level shown on Rekt's chart.
The trader also pointed out that Bitcoin shows basically the same setup on the weekly chart.
“We are beginning to see a breakout above the multi-month resistance at the top of the channel.
A weekly closing price like this would be bullish. ”
Zooming out, Rekt Capital says BTC is likely to rise in price in the coming months based on previous halvings (when Bitcoin miners' rewards are halved).
He shared a chart showing a pattern in which Bitcoin consolidates near the halving and then moves higher in the months following.
“We are here (orange circle).
We go there (green circle). ”
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