Everything Will Change for Bitcoin (BTC) When This Key Resistance Breaks

2023-11-10 17:30

According to crypto analyst Rekt Capital, breaking one critical resistance range for Bitcoin could lead to a dramatic change in its market structure and usher in a new bull run. This resistance spans from $58,000 to $69,000, and represents a level that has weighed down BTC’s price advance multiple times in 2021.

Resistance Flips to Support After Halvings

As Rekt Capital explains, this resistance zone consistently repels Bitcoin’s price ascent, often leading to bear markets as BTC searches for a bottoming price. Following Bitcoin’s halving in 2020, BTC has managed to reach this price zone twice, each instance followed by a significant bullish run. The first time Bitcoin approached this zone in March 2021, it faced rejection and didn’t find a bottom until August. Then, in October 2021, when Bitcoin revisited this zone, it marked the beginning of the bear cycle.

In 2016 and 2020, following previous halvings, Bitcoin revisited its all-time high regions a few months after the supply shock, testing them as a new floor. On both occasions, successfully holding support in the range initiated a new bull market, culminating in fresh all-time highs.

History Poised to Repeat

According to Rekt Capital’s analysis, Bitcoin is likely to follow a similar pattern after its next halving in April 2024. He expects BTC to revisit the $58k-$69k zone around August 2024, approximately 4 months after the halving. If Bitcoin can flip this resistance into support once again, Rekt sees a clear path to new highs above $100k.

Impact on Altcoins

Another key implication is how reclaiming this resistance level will impact altcoins. With Bitcoin rising into uncharted territory, money tends to flow out of BTC and into large and small-cap altcoins.

As Rekt notes, Bitcoin flipping $58k-$69k support would “really set off money flow into altcoins” generating significant returns. This would kickstart a new “altseason” where traders pivot from Bitcoin to chase upside in the wider crypto market.

Plenty of Time Left in Bull Cycle

Finally, Rekt Capital emphasizes there is still ample time for this scenario to play out. With the next halving not until April 2024, he estimates a fresh peak for this bull market arriving in 2025. This gives Bitcoin 7-9 months after retesting key resistance to embark on a sustained uptrend.

Read also:

Will History Repeat as Solana (SOL) Faces Tough Resistance Again? Polygon Market Cap Surges +54% in 3 Weeks as Whales Continue to Accumulate MATIC Bitcoin ETF Token Crosses $100K With BTC Price Surge – 1 Day Left in the Presale Stage

In conclusion, Rekt Capital views the $58k-$69k range as a crucial level that, if recaptured as support, could dramatically shift Bitcoin’s market structure. Based on past market cycles, this would pave the way for new all-time highs and an altcoin boom.

We recommend eToro 74% of retail CFD accounts lose money. Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.

The post Everything Will Change for Bitcoin (BTC) When This Key Resistance Breaks appeared first on CaptainAltcoin.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Resistance (RES) на Currencies.ru

$ 0.0018624 (+0.63%)
Объем 24H $3.518k
Изменеия 24h: 0.10 %, 7d: 11.67 %
Cегодня L: $0.0018624 - H: $0.0018624
Капитализация $0 Rank 3118
Доступно / Всего 0 RES

resistance change bitcoin btc represents spans level

Источник: captainaltcoin.com

resistance change → Результатов: 49


Bitcoin Under Pressure Near $40K, Here Are 2 Reasons Why That Could Change Soon

Bitcoin remains rangebound in the high $30,000 to low $40,000 areas. The first crypto by market cap has seen its volatility reduce as several factors contribute to the slowdown across the sector. Related Reading | TA: Bitcoin Trims Gains, Support Turned Resistance At $41K At the time of writing, Bitcoin (BTC) trades at $40,500 with a 6% loss in the last 24-hours and a 1% profit over the past week.

2022-4-22 21:00


Is The VIX Volatility Index Forecasting A Major Bitcoin Crash?

Bitcoin price is consolidating just below $20,000. As the last confrontation with $10,000 has shown, consolidation below resistance is typically a bullish event. However, with such strong resistance above, the uncertainty surrounding the pandemic, the coming vaccine, and the change of power happening in the United States, there’s a recipe for rejection as well. And […]

2020-12-8 04:00


Фото:

Bitcoin Shows Signs of Life as it Rallies Past $9,400; What Analysts Expect Next

After consolidating between $9,100 and $9,300, Bitcoin is starting to show some signs of life as its price rallies past $9,400 The ongoing uptrend comes after an extended bout of the cryptocurrency losing its trading volume and momentum due to the uptrends seen amongst many altcoins This latest surge may temporarily change the crypto’s trend, but one top trader is noting that he is planning to short BTC’s high time frame resistance at $9,500 Bitcoin’s […]

2020-7-22 21:00


Bitcoin's credibility, resistance to change strengthens its position against altcoins

Whenever people think crypto, Bitcoin's mention automatically pops up. There is no question about the fact that Bitcoin has led the way for the development of the digital assets industry. However, The post Bitcoin's credibility, resistance to change strengthens its position against altcoins appeared first on AMBCrypto.

2020-1-14 18:30


Фото:

Research: Bacteria can change shape inside humans to avoid antibiotics

Widespread antibiotic use is largely to blame for the emergence of antibiotic-resistant bacteria, which is currently one of the biggest threats to global health. Not only does antibiotic resistance already cause an estimated 700,000 deaths a year, it’s also made numerous infections, including pneumonia, tuberculosis, and gonorrhea, harder to treat.

2019-10-8 16:39


Bitcoin’s [BTC] support, resistance play flip-flop as king coin prepares to breach $8,000 yet again

Bitcoin [BTC], the most dominant cryptocurrency in the market, has once again flipped its switch, turning green and recording a notable 5 percent price gain after days of sluggish movement. Volatility is not a surprise within the ever-changing world of cryptocurrencies and with every price change, comes a re-calibration of key levels which the coin […] The post Bitcoin’s [BTC] support, resistance play flip-flop as king coin prepares to breach $8,000 yet again appeared first on AMBCrypto.

2019-6-11 12:00


Фото:

Bitcoin Price Analysis: Upward Drift Continues Following Established Macro Support

Since mid-February, the bitcoin market has continued to drift upward toward a band of strong, macro resistance (shown below as a red band). This slow, drift upward marks our fourth test of the resistance zone and, unlike the three prior tests, our rejection of the level has shown a weakness on the side of the bears:Figure 1: BTC-USD, Daily Candles, Fourth RejectionIf we compare the three prior rejections (labeled 1, 2 and 3), we see that the move into this resistance level was violent — and had equally violent rejections.

2019-3-29 02:21


Фото:

Bitcoin Price Analysis: Slow Upward Drift Tests Market Supply

A slow, grinding upward drift has been the name of the game for bitcoin’s market over the last few weeks. The upward drift is bringing us slowly to a level that was previously rejected violently:Figure 1: BTC-USD, Daily Candles, Upward DriftOur third rejection of the red resistance level shown above brought the market into a test of macro support in the mid-$3,000s.

2019-3-23 01:23


Фото:

Bitcoin Price Analysis: Low Time Frames Show Signs of Life Amid Weekly Tests

Bitcoin continues to coil tightly within its range-bound market as the bulls and bears fight it out to see which is most dominant. On the lower time frames (TF), bitcoin is managing to find support:Figure 1: BTC-USD, 2-Hour Candles, Low TF SupportThe zone outlined by the green line in Figure 1 represents local support that has kept the market afloat for the last week and a half.

2019-3-13 22:26


Фото:

Bitcoin Price Analysis: Bear Pennant Breakout Puts $1,700 Price in Sight

Another week, another low. Bitcoin’s market has been bleeding relentlessly for weeks and now, after falling 50% in value in just one month, the market has managed to break south of a major bearish consolidation pattern called a bear pennant:Figure 1: BTC-USD, 4-Hour Candles, Bear Pennant BreakoutThis is a massive bear pennant with a staggering $2,000 measured move.

2018-12-12 01:52


XRP Crashes 40% From September High

This year has been a strange one for XRP (and digital currency in general!), the token has seen fluctuation after fluctuation and the price has never stayed in one area for a long period of time. The token, owned and designed by Ripple, has recently seen a change in price over the past month and even a time when we thought that the bad times were essentially over but now it has crashed down by over 40% from its high in September of $0.

2018-10-11 12:30


Фото:

Aversion to Change Cited for Crypto Resistance Says Ethereum’s Lubin

As the cryptocurrency sector continues to grow, it is becoming increasingly difficult to discount the industry, as was the practice in the early days of Bitcoin. As people continue to use cryptocurrencies and its market value has risen over the years, many who were against the use and proliferation of decentralized digital currencies have begun to change their stance.

2018-10-2 20:00


Фото:

Bitcoin Price Analysis: Potential Reaccumulation Could Test Bear Trend

Last week, after a devastating move that shook the market violently up and down for a 7% move in just a few short minutes, bitcoin saw a major sign of strength as it proceeded to have a slow, but steady markup where it managed to establish a local high in the $6,800s:Figure 1: BTC-USD, Hourly Candles, Shakeout Prior to MarkupThis shakeout forced the market to temporarily establish a new monthly low in what could be argued to be a stop-hunt prior to the move to the $6,800s.

2018-9-24 21:29


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

BlockDAG Captures Global Spotlight with Piccadilly Circus Promotion Following CoinMarketCap Listing; More On Algorand Price Prediction & Cronos Crypto

In the competitive arena of cryptocurrencies, innovative strategies and robust performances are key to standing out. While Algorand and Cronos navigate through market volatility with potential uptrends and technical challenges, BlockDAG steals the spotlight with its dynamic entry onto the CoinMarketCap list, complemented by a high-visibility campaign at London’s Piccadilly Circus.

Meme Coin Price Predictions: PEPE, BONK and dogwifhat Eye New Highs

There are speculations that several popular meme coins could be gearing up for significant price rallies, according to analysis from crypto trader Cold Blooded Shiller. Let’s take a look at the coins in the spotlight: Leading the pack is PEPE, which Shiller identifies as having “the strongest chart” currently.

Crypto Whale Deposits Massive Tellor Holdings on Coinbase Amid TRB Price Surge

A crypto whale identified as 0xeb1 has made a substantial deposit of 10,486 Tellor (TRB) tokens, valued at approximately $1. 38 million, to the Coinbase exchange. This move comes amidst a surge in the price of TRB, which has witnessed a 131% increase over the past week, as per data from onchain analytics firm, Spotonchain.

3 Crypto That Could Make You Rich in 2024

In the realm of cryptocurrency, 2024 is shaping up to be a year where certain coins could lead to significant financial gains. As the bull run charges forward, everyone is on the lookout for those standout cryptocurrencies that promise impressive returns.