- Bitcoin’s price consolidates above $67,000 after recent rejection from the $70,000 level.
- Analyst Rekt Capital believes Bitcoin can break through but needs to overcome certain resistance levels.
- Rekt Capital emphasizes the significance of breaking the current pattern of lower highs in his recent analysis on Twitter.
Bitcoin showing potential for a breakout, consolidates above $67,000 after facing resistance at $70,000.
Bitcoin Price Consolidates Over $67,000
Bitcoin recently faced rejection at the psychological barrier of $70,000, leading to its current consolidation above $67,000. Market participants are now awaiting potential upward movement, with experts pointing to key resistance levels. Leading crypto analyst Rekt Capital has highlighted Bitcoin’s potential, noting the need to break specific barriers. In a recent post on X (formerly known as Twitter), Rekt Capital indicated that Bitcoin’s recovery depends on ending the current pattern of lower highs.
Overcoming Key Resistance Levels
Rekt Capital’s analysis draws attention to the persistent trend of lower price highs that have characterized Bitcoin’s performance in recent months. He pointed out that price levels around $71,600 and $70,000 have historically acted as resistance. These levels have repeatedly limited Bitcoin’s upward movements, suggesting that overcoming these points is crucial for a bullish trend. Rekt Capital stated:
Bitcoin continues to be rejected at increasingly lower prices, forming a series of lower highs. Initially, Bitcoin was rejected around the $71,500 mark. Subsequently, the price confirmed the blue square as a local top area based on recent trends. When this series of lower highs ends, Bitcoin will start to rise again.
Potential for Bullish Momentum
In technical terms, a lower high occurs when a peak forms that is lower than the previous one, signaling a bearish trend as sellers dominate. The identification of successive lower highs near the $71,500 mark, followed by rejections at increasingly lower price points, underscores a persistent downward pressure on Bitcoin’s price.
According to Rekt Capital’s analysis, forming a higher high would signal a shift in market sentiment and potentially pave the way for renewed bullish momentum. He also mentioned on March 26 that successfully retesting the $69,170 area would support further upward movement. Currently, Bitcoin’s consolidation is evident on the weekly timeframe, reflecting a correction of over 2% during this period. At the time of writing, Bitcoin is trading at $67,485, experiencing a slight decline of over 0.1% in the past 24 hours.
Conclusion
In summary, Bitcoin’s immediate future depends on overcoming significant resistance levels and breaking the pattern of lower highs. Such a move would indicate a shift in market sentiment and the potential for ongoing bullish activity. As Bitcoin consolidates above $67,000, the market remains watchful for signs of a breakout. Readers should stay informed through reputable sources for the latest developments in this dynamic market.
