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BTC Rekt Capital: Bitcoin successfully tested its long-term macro downtrend line and confirmed support areas
Crypto analyst Rekt Capital pointed out that Bitcoin has successfully tested its long-term macro downtrend line and has begun to confirm this area as support. According to the analyst, this trend line highly overlaps with the peak area of Bitcoin from April to May 2024. If BTC rebounds above this level, it suggests that recent breakthroughs are still technically valid.
Monthly close is critical
Rekt Capital emphasized that monthly close prices are particularly critical to maintaining bullish prospects. According to analyst analysis, Bitcoin's monthly K-line needs to close above approximately US$76,000. If prices fall back below the downtrend line at the end of the month, the current trend may turn into a long upper shadow line, weakening the strength of the breakthrough. Conversely, if it can remain near the US$76,000 region, it will strengthen Bitcoin's technical view of turning its long-term downtrend into support.
As of writing, the price of BTC was US$79,509, down 1.59% in the past 24 hours.
* This article does not constitute investment advice.
