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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Weekly Range Breakout Signals Potential Upsurge: Analyst

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Bitcoin

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Popular cryptocurrency analyst and enthusiast Rekt Capital has delved into the recent performance of Bitcoin (BTC) citing the beginning of a breakout process from a weekly range that could possibly lead to an upswing.

Bitcoin Begins The Breakout Process

Rekt Capital previously highlighted that Bitcoin has been wedged within a weekly range he dubbed Black-Black, ever since it witnessed about 18% correction. The candle-bodied peak from 2021 and the upside-wicking peak from 2021 basically created this weekly range.

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He then claimed that regaining the $69,200 Range High for Bitcoin could indicate that the cryptocurrency is prepared to break out of the weekly range. Additionally, it might also signal the conclusion of the aforementioned pullback period.

It appears the analyst’s forecast has come to pass as BTC has surpassed the $69,200 level, triggering a breakout activity. According to Rekt Capital, the first phase in the breakout process that Bitcoin has initiated is a Weekly Close above the Range High.

However, before moving higher, BTC might need to dive into the range high in order to properly retest it as new support. As a result, it would be the second phase to validate the break out from the week range properly.

Bitcoin
Breakout process from weekly range | Source: Rekt Capital on X

The crypto expert’s analysis coincides with a recent drop in the price of Bitcoin today, raising speculations about its next movement. Bitcoin opened the day around the $71,000 threshold; a few hours later, the crypto asset fell to $69,200 level.

As of the time of writing, Bitcoin was trading at $69,500, indicating a decline of about 1.29% in the past day. BTC’s market cap has also decreased in the last 24 hours by the same percentage, while its daily trading volume has increased by over 52%.

A Bullish Month For BTC

This suggests that investors are still bullish toward the digital asset despite the retrace witnessed today. Investors are even more optimistic as Bitcoin’s halving event approaches because of the possible impact on BTC.

Even though BTC began the day with a decline, several analysts still believe it might perform robustly in April. This is due to the fact that Bitcoin has mostly experienced significant growth in April over the past years.

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Bitcoin Pre-Halving Dip Expected: Will BTC Rally Before US Fed Decision?

1 year ago

Zia Ul Haque, the Founder of Open4Profit claims that in the past April has been superior to March while providing a comparison of the monthly increases in the price of Bitcoin from 2013 until 2024. According to data shared by Haque, April has witnessed an average 14.2% increase in price. 

Haque anticipates a better performance this time since the much-awaited Bitcoin halving event will take place this month. “Halving is just at the end of this month – April 20th, pre-halving narrative can bring lots of attention to this market,” he stated.

Bitcoin
BTC trading at $69,889 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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