Will Bitcoin Hit New Support Levels Soon?
The post Will Bitcoin Hit New Support Levels Soon? appeared on BitcoinEthereumNews.com.
Recent insights from Rekt Capital shed light on Bitcoin‘s potential support levels amid ongoing market fluctuations. The analysis emphasizes how regulatory changes, particularly tariffs imposed by the U.S. government, may impact Bitcoin’s price trajectory, offering a critical lens to evaluate future market conditions. What Are Bitcoin’s Current Price Predictions?Could Support Levels Shift in Bitcoin’s Favor? What Are Bitcoin’s Current Price Predictions? Rekt Capital’s examination of the Relative Strength Index (RSI) reveals its role in signaling potential price reversals for Bitcoin. Historical data suggests that declines in the RSI often correlate with price drops ranging from 0.32% to 8.44% below prior lows. Presently, Bitcoin stands 2.79% under its initial low, and if this trend persists, support levels could plummet to approximately $70,000. “When Bitcoin’s Daily RSI falls below 28, it does not necessarily indicate a price bottom. Historically, the actual price bottom tends to be 0.32% to 8.44% below the first dip price. Currently, Bitcoin is forming a second dip level 2.79% below the first dip level. A repeat below the first dip level of -8.44% would see the price bottoming around $70,000.” – Rekt Capital Could Support Levels Shift in Bitcoin’s Favor? The analysis indicates that a positive trend for Bitcoin may initiate if the resistance threshold of $78,550 is overcome. This level, noted in March, could act as a significant resistance point moving forward. Should Bitcoin manage to retest this level as support, it may gather upward momentum. “Bitcoin could not retest the $78,550 red low levels observed in March, making it possible for these levels to emerge as new resistance in the future. For the price to adopt an upward trend, it must reclaim these low levels as support and then challenge the downward trend.” – Rekt Capital Furthermore, Rekt Capital highlights a notable volume gap around the…
Filed under: News - @ April 10, 2025 12:26 am