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After 10 % jump during the past week, Bitcoin (BTC) achieved a decisive resistance level, which can push or stop the main encryption moments of the highest new level ever (ATH).
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Bitcoin strikes the key level
Bitcoin recently jumped over the $ 100,000 barrier for the first time since February. During its important weekly performance, BTC increased by more than 10 % to become the highest level in three months, reaching 105500 dollars on Monday, which increased the feelings of investors regarding a new ATH gathering.
On Monday, analyst Rick Capital High The main encryption has risen through the scope of the entire accumulation, as it concluded its negative deviation and correcting the discovery of the first price. After rising to its scale of $ 104,500, Bitcoin faced rejection from this main level, temporarily stopping.
He pointed out that Bitcoin had already had the first direction to discover prices and correct the discovery of prices. Cryptocurrency is now trying to confirm its second direction to discover prices, but it needs to restore the level of 104,500 dollars as support to confirm this stage.
As the analyst explained, this level is currently working as a resistance after closing the week at $ 104,118, just less than the high range. He added that “BTC technically can try to confirm the bullish trend that exceeds this point by daily closure above 104.5 thousand dollars and then keep it as support, so it will be useful to see this less time confirmation.”
However, “so that this confirmation is in, this resistance will continue to work as one. As the resistance does, it tends to reject the price.”
According to Rekt Capital, Bitcoin repeated some of the main elements of its scope after the current scope, indicating that if BTC continues to reject it from this level, you may face a post -slide re -test for its low high resistance.
One dipping left before aths?
Previously, the analyst detailed that BTC could repeat the performance of the Q4 2024, as the cryptocurrency was recovered from its negative deviation to hit a new ATH.
BTC was initially rejected by its lower lower resistance and fell at its lowest levels before separation above the highest higher level, re -testing it as support, and a height to a new ATH.
In order for the date to be repeated, BTC must be rejected by $ 99,000, holding 93,500 dollars in support, breaking the range from 97,000 to 99,000 dollars before refusing to resist 104,500 dollars, which is the level “to turn into support for Bitcoin to join the discovery of the second price.”
It is worth noting that BTC followed this path closely during the past week, as it was rejected near 99,000 dollars and re -testing the support of 93,500 dollars before jumping over the brand of $ 100,000. To continue this performance, the cryptocurrency must decrease to a range of 97,000 to 99,000 dollars and maintain it as support for the penetration similar to the new ATHS.
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In his analysis on Monday, the Rekt Capital shared that the low -resistance of BTC at 98,500 dollars, indicating that a 5 % decrease may be at the forefront. However, he pointed out that the re -test “does not need to happen at all”, as Bitcoin can be closed daily over the key resistance, carries this level, and gathering to the new ATHS.
“But in the event of a decline, the conversion of low high resistance to new support can fully confirm this lower lower level, and convert it into new support, and thus, BTC is strengthening in part of the range of 98.5 thousand dollars,” concluded. “
Distinctive photo of Unsplash.com, Chart from Tradingview.com
