Bitcoin, which has become increasingly popular in the cryptocurrency markets, is claimed by analyst Rekt Capital to have come out of an accumulation range. With its recent surge, has Bitcoin broken its resistance level and regained the attention of investors?
Major Resistance Level in Bitcoin
Popular cryptocurrency analyst, known as Rekt Capital on social media platform X, suggests that BTC is now approaching the first major resistance level of the bull market. The analyst stated the following in regards to the matter:
After several months, BTC has completely broken out of the accumulation range. This accumulation range was calculated based on the Cross-Backwards theory, which I mentioned before, following the historical downturn. Now, the price is at the first major resistance zone.
According to the cryptocurrency analyst, BTC is currently positioned in over a quarter of the bull market. Rekt Capital said the following about the matter:
Progress of the Bull Market: 27.1%
When this article was written, Bitcoin was valued at $37,055, showing a price increase of 7% compared to the previous week.
Fork in the Road for LTC/BTC Pair
In the latest issue of the investor’s altcoin newsletter, Rekt Capital mentioned that Litecoin (LTC) is approaching a crossroads when trading against BTC (LTC/BTC). The expert had the following to say about LTC:
Last month, Litecoin lost a significant range in the BTC pair, and this month it is showing the first signs of turning it into a new resistance. If rejected from here, LTC/BTC can easily return to the lowest levels of the old new time since the end of 2022. In this scenario, LTC/BTC may present an unstable position where it can easily reach new all-time lows. However, if LTC/BTC can reclaim the low range as support, then it is possible that the price will continue to consolidate within this range and revisit the united resistance area, which has a high range and a macro downtrend.
According to data obtained from the website 21milyon.com, LTC is currently trading at 0.0019 BTC (71.90 dollars), showing a 4% increase compared to the previous week.
