Bitcoin (BTC) $93,746.2 Correction signals are increasing. Crypto strategist Rekt Capital pointed out that Bitcoin may enter a long-term correction period. According to the analyst, BTC’s price movements carry important signals for investors.
Support Levels Broken
Rekt Capital noted that Bitcoin broke two important support levels on the weekly chart. This indicates that the short-term uptrend has ended. The analyst said, “Weekly support has been lost. “The five-week technical uptrend has ended,” he said.
Bitcoin is undergoing a significant technical change in this process and losses may occur in its price.
New Resistance Levels Form
Bitcoin may enter a new correction period this week. Rekt Capital emphasized that BTC’s old support levels will now turn into resistance points. This indicates that the market direction has changed. For investors, this is an indicator that should be watched carefully.
The analyst predicts that Bitcoin may drop to the $90,000 level. However, if there is a loss of $94,250 on the daily chart, Bitcoin’s price could decline further. Rekt Capital said, “Old supports act as new resistance. Therefore, the decline has been confirmed technically,” he said.
Bitcoin is currently trading at $92,587. These developments constitute a critical turning point for Bitcoin investors. Investors are recommended to carefully follow the price movements of BTC.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
