Crypto strategist Rekt Capital noted that Bitcoin is showing signs of correction, with old support levels now turning into new resistance levels. These developments suggest that Bitcoin could approach the $90,000 level.
Bitcoin (BTC) is showing signs of correction at $94,067.3. Rekt Capital emphasized that Bitcoin is likely to enter a long-term correction process and noted that price movements carry important signals for investors. According to the analyst, Bitcoin’s loss of two important support levels on the weekly chart indicates the end of its short-term uptrend. “Weekly support levels have been lost, ending a five-week technical uptrend,” Rekt Capital said.
New Resistance Levels and Possible Drop
Bitcoin could enter a correction process this week. Rekt Capital noted that old support levels are now turning into resistance points, emphasizing that this is an indication of a change in market direction. The analyst predicts that Bitcoin could fall to $90,000. However, he noted that if the $94,250 level on the daily chart is lost, Bitcoin's price could fall further. "Old supports are now acting as new resistance levels. This confirms the decline," Rekt Capital said.
Bitcoin is currently trading at $92,587. These developments constitute an important turning point for investors, and it is emphasized that they should carefully monitor BTC price movements.
