Bitcoin (BTC) has been wrestling with the critical resistance level of $60,600, a threshold that could define its short-term trajectory. Top analyst Rekt Capital highlighted in his newsletter the significance of this level, noting that Bitcoin’s ability to reclaim it as support is crucial for future price action.
CME Gaps Close as Bitcoin Navigates Key Support
Last week, Bitcoin filled a CME Gap that had formed in its price action. Moreover, a smaller gap emerged within the larger one, which was subsequently filled as well.
New edition of the RC Newsletter is out! Bitcoin – The Crucial ReclaimSign up here:https://t.co/cOzryAbB60#BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) August 12, 2024
These closures coincide with a critical area that Bitcoin needs to reclaim – the $60,600 level, which represents the Range Low of the ReAccumulation Range.
Rekt Capital notes that Bitcoin has yet to provide a clear signal on whether $60,600 will serve as new resistance or support.
The cryptos Weekly Close below this level suggests it could become resistance. However, early-week price action shows Bitcoin still contending for a reclaim of this crucial point.
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Show more +Show less – Technical Milestones Achieved
Despite the uncertainty surrounding the $60,600 level, Rekt Capital highlights two technical achievements. First, Bitcoin managed to secure a Weekly Close above $55,737, a level previously identified as important.
Second, there are early signs of a potential Higher Low forming, although this development is still in its nascent stages.
These technical feats may prove instrumental in Bitcoin’s efforts to reclaim $60,600 as support and fully reestablish itself within the ReAccumulation Range.
The analyst emphasizes that the Weekly Close above $55,737 holds more significance than the potential Higher Low at this point.
Read also: Popular YouTuber Warns Solana Holders: ‘We’re Getting Closer’ – SOL Price Prediction
Current Market Performance
Per data from CoinGecko, Bitcoin is trading at $59,190.15. The crypto has seen a 0.91% increase in price over the past 24 hours and a more substantial 6.06% gain over the last week. The daily trading volume stands at $35,877,793,513, indicating robust market activity.
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