Analysts Eye BTC’s Weekly Close Crypto Jelle called the $93,500 resistance the bear’s "last line of defense,” stating that once BTC recovers that level, "all bets are off.” Meanwhile, Rekt Capital noted that Bitcoin has been "rallying in an effort to resynchronize with its former ReAccumulation Range and confirm the end of its first Price Discovery Correction.” He highlighted that after yesterday’s performance, BTC is near the end of its downside deviation, affirming that the cryptocurrency needs to stabilize above the $93,500 level.
Analyst Daan Crypto Trades pointed out that Bitcoin has a "solid breakout back into the previous range and above the Daily 200MA/EMA.” Notably, the cryptocurrency has been trading within a significant area over the past weeks, as it has been retesting its multi-month downtrend line and the Daily 200 Exponential Moving Average (EMA) and Moving Average (MA).
Now, BTC is breaking out from the range formed by the two Bull Market EMAs, which "wasn’t just anticipated back in mid-2021 as it was happening but also in this cycle as well.” Rekt Capital concluded that a Weekly Close above $87,000 "will position BTC for a confirmed breakout.” As of this writing, Bitcoin trades at $93,459, an 8.2% surge in the monthly timeframe.
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