- On Sunday, the bitcoin price hovered around $22,600 after an 11% rally below $20,000.
- Technical analyst Rekt Capital says that Bitcoin has canceled the double top formation.
- A successful retest of the $21,700 area could allow BTC to continue its short-term upside recovery.
Bitcoin It has reclaimed the $22,600 level after a sharp decline last week to trade below the $20,000 level.
While the benchmark cryptocurrency currently trades around $22,350 and is up 9% over the past 24-hours, the short-term outlook suggests invalidation of a bearish pattern, eyeing another leg towards the $19,000 lows. Had happened
Bitcoin Price Prediction: What next after the weekly close at $21,770?
Crypto analyst Rekt Capital has updated his outlook for BTC price after the coin’s value successfully broke below $20,000.
this condition #B T c This recent drop to ~$19550 and recovery to ~$22600 shows how a great opportunity can come quickly and then leave equally quickly$BTC #crypto #bitcoin
— Rekt Capital (@rektcapital) March 13, 2023
According to technical analysts, a weekly close above $21,770 could provide fresh upside momentum as it canceled a double top formation on the weekly chart.
,Incredible how last week’s #BTC weekly close invalidated the double top formation. The double top initially saw a price drop to $19000, but eventually, $BTC closed above $21770 to cancel the weekly double toppopular crypto analyst shared via twitter.
As mentioned above, the bitcoin price reached a high of $22,600 on major cryptocurrency exchanges late Sunday night. came positive after news Stock futures jump around collapsed Silicon Valley bank and see de-pegged USDC bounce To be ashamed of its US dollar parity.
Some profit-taking deals forced BTC to give up gains in Monday’s trade. However, the leading cryptocurrency successfully tested its lower range as an immediate support. Rekt Capital predicts that it is possible that BTC/USD will continue this intra-range consolidation.
Looking at the technical picture appearing on the daily chart, we see another successful daily close above $21,700. While bitcoin may continue higher, there could be a pullback to the level. Another move above this area could catalyze further momentum, with the next target at the $23,400 area.
#B T c made a strong daily close above the $21770 level$BTC May see drop to same level soon for re-testing effort
There will be a successful retest and BTC will enjoy the continuation of the uptrend#crypto #bitcoin pic.twitter.com/7VU0Zf73KN
— Rekt Capital (@rektcapital) March 13, 2023