Bitcoin Price Risks Market Crash After Closing Below Final Weekly Resistance

Source Newsbtc

Crypto analyst Rekt Capital has warned about a potential crash for the Bitcoin price, after the flagship crypto closed below a critical resistance level. The analyst also highlighted the level that BTC needs to reclaim to invalidate this bearish setup. 

Bitcoin Price Risks Crash With Weekly Close Below Resistance

In an X post, Rekt Capital revealed that the Bitcoin price has closed below the final major weekly resistance at around $108,890. Based on this, he remarked that a possible early-stage Lower High resistance may be developing at around $107,720, with BTC at risk of crashing. The analyst added that Bitcoin will need to reclaim $108,890 as support on the daily to invalidate this Lower High. 

In an earlier X post, Rekt Capital highlighted how significant it would have been if the Bitcoin price had closed above this final major weekly resistance. He noted that BTC had never performed such a weekly close. As such, if that had happened last week, he claimed it would not only be “historic” but would enable BTC to enjoy a new uptrend into new all-time highs (ATHs).

Bitcoin

However, the Bitcoin price now appears to be on a downtrend, having failed to hold above the $107,720 level successfully. BTC had reached an intraday high of $107,970 but has since then been on a decline and is now at risk of losing the $106,800 macro level. Crypto analyst Kevin Capital has warned that BTC being below this level puts it in the danger zone. 

Meanwhile, based on historical bull market cycles, Rekt Capital has suggested that the Bitcoin price still has some more upside left. In an X post, he stated that history suggests that Bitcoin may end its bull market in two to three months.  

BTC Still Fuel In The Tank

Despite the recent Bitcoin price drop, crypto analyst Titan of Crypto declared that the flagship crypto still has fuel in the tank. He claimed that the weekly market structure remains strong with a series of higher highs and higher lows. The analyst added that the Relative Strength Index (RSI) is pushing towards its trendline. 

His accompanying chart showed that the Bitcoin price could still rally to as high as $140,000 between September and November later this year based on these higher highs and lows. Crypto analyst Stockmoney Lizards also recently predicted that BTC could reach as high as $145,000 by September. He alluded to dojis that had formed for the flagship crypto in its current corrective channel and declared they were bullish for Bitcoin. 

At the time of writing, the Bitcoin price is trading at around $106,800, down in the last 24 hours, according to data from CoinMarketCap.

Bitcoin
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Must Clear This Critical Cost Basis Level For Continued Upside, Analyst SaysIn a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
Author  NewsBTC
4 Month 23 Day Wed
In a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
placeholder
Ethereum Price Tests Resistance — Breakout Could Spark RallyEthereum price started a fresh increase above the $2,480 zone. ETH is now consolidating gains and might soon aim for a move above the $2,520 resistance. Ethereum started a fresh upward move above the
Author  NewsBTC
6 Month 30 Day Mon
Ethereum price started a fresh increase above the $2,480 zone. ETH is now consolidating gains and might soon aim for a move above the $2,520 resistance. Ethereum started a fresh upward move above the
placeholder
Gold price drifts lower amid improved market sentimentThe Gold price (XAU/USD) extends the decline during Asian trading hours on Monday. A trade deal reached between the US and China last week on how to expedite rare earth shipments to the US was viewed positively by markets.
Author  FXStreet
6 Month 30 Day Mon
The Gold price (XAU/USD) extends the decline during Asian trading hours on Monday. A trade deal reached between the US and China last week on how to expedite rare earth shipments to the US was viewed positively by markets.
placeholder
Insane Or Insightful? VC Firm Says XRP Could Reach Nearly $9,000 In Just 5 YearsUS regulators and market watchers are eyeing a fresh valuation study that puts XRP on track for a dramatic price surge by 2030. Related Reading: The $100K Mirage: Bitcoin’s Rally Not Backed By
Author  NewsBTC
23 hours ago
US regulators and market watchers are eyeing a fresh valuation study that puts XRP on track for a dramatic price surge by 2030. Related Reading: The $100K Mirage: Bitcoin’s Rally Not Backed By
placeholder
Australian Dollar remains subdued following China’s Caixin Manufacturing PMIThe Australian Dollar (AUD) edges lower against the US Dollar (USD) on Tuesday after registering more than 0.50% losses in the previous session. The AUD/USD pair loses ground as Australia’s S&P Global Manufacturing Purchasing Managers’ Index (PMI) falls to 50.6 in June from the previous 51.0.
Author  FXStreet
23 hours ago
The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Tuesday after registering more than 0.50% losses in the previous session. The AUD/USD pair loses ground as Australia’s S&P Global Manufacturing Purchasing Managers’ Index (PMI) falls to 50.6 in June from the previous 51.0.
goTop
quote