Bitcoin Breakout Analysis: Is The Bull Trend Coming?
Popular cryptocurrency analyst Rekt Capital has recently analyzed Bitcoin’s performance, suggesting the beginning of a breakout process from a weekly range that may signal an upcoming upswing in the market.
Bitcoin’s Weekly Range Breakout
Rekt Capital pointed out that Bitcoin has been stuck in a weekly range, which he named Black-Black, after experiencing an 18% correction. This range was formed by the candle-bodied peak and upside-wicking peak in 2021.
- Regaining the $69,200 Range High could indicate a breakout from this range.
- This move might also signify the end of the recent pullback period for Bitcoin.
Bitcoin Initiates Breakout Phase
Bitcoin has now surpassed the $69,200 level, triggering a breakout activity as forecasted by Rekt Capital. The first stage in this breakout process is achieving a Weekly Close above the Range High.
- Bitcoin might need to retest the range high as new support before continuing its upward movement.
- This retest phase is crucial to validate the breakout from the weekly range.
Current Market Performance of Bitcoin
Despite a recent price drop, Bitcoin remains resilient and bullish. The cryptocurrency started the day above $71,000 but retraced to the $69,200 level later on.
- At the time of writing, Bitcoin was trading at $69,500, showcasing a 1.29% decline in the past day.
- The market cap of BTC also decreased by the same percentage while the trading volume surged over 52% in the last 24 hours.
Optimism Surrounding Bitcoin’s Halving Event
Investors and analysts remain positive about Bitcoin’s future, especially with the upcoming halving event that could impact the market significantly.
- Despite the daily decline, many believe that Bitcoin will perform well in April, historically a bullish month for the cryptocurrency.
- Previous data suggests that April has seen an average 14.2% increase in Bitcoin’s price, making investors hopeful for this month’s performance.
Anticipated Halving Impact on Bitcoin
Zia Ul Haque, the Founder of Open4Profit, points out the historical performance of Bitcoin in April compared to March, indicating a positive outlook for this month.
- With the halving set to occur at the end of April, Haque expects increased market attention and a potential price surge.
- The pre-halving narrative could attract more investors to the market, boosting Bitcoin’s price and overall sentiment.
Hot Take: Bitcoin’s Path to New Heights 🚀
As Bitcoin breaks out of its weekly range and approaches the upcoming halving event, investors are optimistic about the cryptocurrency’s future performance. The recent market movements indicate a bullish sentiment, suggesting that Bitcoin could be on the cusp of a significant uptrend. Keep an eye on Bitcoin’s price and momentum as it navigates through these crucial milestones in the coming weeks.
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