Bitcoin Weekly Range Breakout Signals Potential Upsurge: Analyst

Cryptocurrency expert and supporter Rekt Capital has examined Bitcoin‘s (BTC) recent trends, suggesting that a breakout may be underway from its weekly price range, potentially triggering further gains.

Bitcoin Begins The Breakout Process

Previously, Rekt Capital identified that Bitcoin had been trading between a weekly range he referred to as “Black-Black,” following a nearly 18% price drop. This range was formed by the highest candle body and the upside wick from two significant peaks in 2021.

After that, he suggested that reaching the $69,200 peak for Bitcoin once more could be a sign that the cryptocurrency is ready to burst free from its current weekly price range. Furthermore, this milestone might mark the end of the previously mentioned correction phase.

The analyst’s prediction that Bitcoin would reach above $69,200 seems to have been correct, leading to a surge of breakout activities. As reported by Rekt Capital, the initial step in this breakout sequence for Bitcoin involves closing the weekly chart above the current resistance level.

Before advancing further, Bitcoin may first need to dip back down and test the recent highs as potential new support. This would mark the second step in confirming a successful breakout from the current weekly price range.

Bitcoin Weekly Range Breakout Signals Potential Upsurge: Analyst

A cryptocurrency analyst’s assessment matches the current decrease in Bitcoin’s price, sparking curiosity about its future direction. Initially valued at approximately $71,000 at the start of the day, Bitcoin later dropped to around $69,200.

At the point of composing this text, Bitcoin was priced at $69,500, reflecting a drop of approximately 1.29% in the previous day. The market value of Bitcoin has similarly decreased by around 1.29% over the last 24 hours. In contrast, the daily trading volume for Bitcoin has risen significantly by more than 52%.

A Bullish Month For BTC

Based on recent developments, it appears that investors remain confident in the digital asset, despite today’s price dip. In fact, their optimism may have intensified due to the upcoming Bitcoin halving event and its potential effects on the cryptocurrency.

Despite starting the day on a down note, Bitcoin may still thrive in April according to some analysts. This optimism stems from Bitcoin’s historical trend of experiencing notable growth during this month.

Zia Ul Haque, the founder of Open4Profit, asserts that on average, Bitcoin’s price has risen by a greater percentage in April than in March over the years from 2013 to 2024. Based on his data, the monthly price increase for Bitcoin in April is approximately 14.2%.

Haque expects an improved showing in the coming week as the long-awaited Bitcoin halving is set to occur on April 20th. According to him, the buildup to this event often generates significant buzz within the crypto community.

Bitcoin Weekly Range Breakout Signals Potential Upsurge: Analyst

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2024-04-01 17:10