Bitcoin Gearing Up for New Price Discovery Uptrend Amid Successful Retest

Rekt Capital, a well-known crypto analyst, indicates that Bitcoin is bullish after testing a crucial support level. He believes BTC could enter a price discovery uptrend if it closes above $104,400 this week. Additionally, Bitcoin needs to convert resistance into support for a bullish trend confirmation. As of now, BTC is priced at around $105,528 and market watchers are eager to see its next moves.

A prominent crypto analyst known as Rekt Capital suggests that Bitcoin (BTC) might be gearing up for a bullish phase following a successful retest of a significant support level. In a tweet to his 548,000 followers on X, he points out that Bitcoin is trying to enter a so-called “price discovery uptrend,” a term often used when prices head into uncharted territory, compelling buyers and sellers to negotiate value.

Rekt Capital elaborates that Bitcoin is currently navigating a transitional period. He describes its efforts to solidify a breakout retest within its ReAccumulation Range which would signal a shift into Price Discovery Uptrend 2. However, he warns that there could be volatility during this retest phase and a deviation might occur.

The analyst notes that closing above the $104,400 mark by the end of the week could indicate that Bitcoin has effectively retested its demand zone and is likely poised for more significant price movements. He raises an interesting question: will Bitcoin manage to maintain this retest with a fourth consecutive weekly close above $104,400?

Focusing on the daily chart, Rekt Capital emphasizes that Bitcoin needs to secure a close above immediate resistance and turn it into support to fully confirm its bullish potential. He observes that on the daily timeframe, Bitcoin seems to be on the brink of breaking out of a two-week downtrend, urging for a daily closing and retest around $106,600 to promote trend continuation.

At the time of reporting, Bitcoin’s price stands at approximately $105,528, raising many eyebrows in the market as discussions about its trajectory heat up. All eyes are now firmly on Bitcoin to see if it can sustain this level and push higher.

For ongoing updates and insights, you can follow The Daily Hodl on X, Facebook, and Telegram. And remember, while the excitement builds around Bitcoin, investing in cryptocurrencies comes with inherent risks. Always do your homework before diving into the crypto space. Just a reminder: The Daily Hodl does not provide investment advice and any decisions about buying or selling digital assets should be made with caution.