Crypto analyst Rekt Capital said Bitcoin is facing resistance at a macro downtrend line that aligns with the 21-month exponential moving average, according to a ChainCatcher report. In his chart-based view, if Bitcoin fails to break through that confluence area, it may find support at the 50-month EMA, which was marked in purple on the chart. Rekt Capital added that Bitcoin needs to reclaim both of those macro EMAs as support and break above the broader downtrend line before a new bull market can be confirmed. The report also noted that Rekt Capital is a veteran crypto technical analyst with 560,000 followers on X.
Bitcoin is facing resistance at a macro downtrend line that aligns with the 21-month exponential moving average, crypto analyst Rekt Capital said in a chart analysis cited by ChainCatcher.
Rekt Capital said that if Bitcoin is rejected at this confluence resistance zone, it could find support at the 50-month EMA, which was shown in purple on the chart.
In his broader view, Bitcoin needs to turn both of those macro EMAs back into support and break through the macro downtrend line to confirm a new bull market. The report added that Rekt Capital is a veteran crypto technical analyst with 560,000 followers on X.
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