The post Bitcoin Could Face Problematic Price Action In The Coming Weeks appeared on BitcoinEthereumNews.com.

As Bitcoin price pulls back from its historic achievement of surpassing $100,000, renowned cryptocurrency analyst Rekt Capital warns of potential turbulence ahead. Despite celebrating its first-ever weekly close above the psychological $100,000 barrier, Bitcoin’s price action suggests it may be entering a historically challenging period. The cryptocurrency, which achieved an all-time high of $103,679 just five days ago, has already retreated to test critical support levels, with current trading ranging between $94,725 and $100,288 over the past 24 hours. Critical Bitcoin Price Support Levels Under Test Bitcoin’s current price action centers around two crucial technical levels that require successful retests for continued bullish momentum. The first is the newly established $100,000 resistance-turned-support level, which Bitcoin is currently attempting to validate. The second is a significant support zone around $98,000, which previously served as major daily resistance before the recent breakout. – Advertisement – The proximity of these two levels has created a volatile testing ground for Bitcoin’s price. Rekt Capital emphasizes the importance of these retest attempts, particularly on the weekly timeframe. After achieving its first weekly close above $98,000, Bitcoin must now demonstrate the ability to maintain this level as support – a classic technical analysis principle of resistance becoming support. The current price action, showing increased volatility and downward pressure, suggests this validation process may not be straightforward. Bitcoin’s Historical Cycle Patterns A deeper analysis of Bitcoin’s market cycles reveals a critical juncture in its current trajectory. Rekt Capital identifies that Bitcoin has entered Week 6 of its first price discovery uptrend within the larger parabolic upside phase. Historical data suggests that weeks 6 through 8 of such uptrends have consistently presented significant correction risks, making this period particularly noteworthy for traders and investors. This pattern recognition becomes especially relevant given Bitcoin’s 121.1% gain over the past year…

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Filed under: News - @ December 11, 2024 10:25 am