BTC/USD rose above $44,000 on Tuesday, compared to Monday’s low of $41,700
Analyst Rekt Capital claims that turning the $43k area into support will allow BTC bulls to retain their upside advantage.
Bitcoin’s recovery off its macro range lows following the dip to support at $33,000 looks to pick up fresh momentum after Monday’s downside. Bulls may move higher, but bears could make a comeback if the crypto market is affected by any possible downturn in equities.
BTC maintained above $42k Monday despite stocks falling amid worries about Russia-Ukraine.
Bitcoin can go higher
Popular analyst Rekt Capital says the bounce seen overnight where BTC is back above $44,000 has the flagship cryptocurrency “again challenging” a key resistance zone.
The analyst is monitoring the mid-range area between $43-$48k. Here, the weekly chart shows Bull Market EMAs buyers needing to turn support into gains.
BTC is also able to rise into the $43k-$52k area, above which are the macro range highs that were reached last November.
“BTC is once again trying to confirm a breakout into the $43100-$52000 range (black-black). At this time, $BTC is positioning itself up for a retest just like in the previous orange circle”
Weekly chart showing Bitcoin price breaking out of the bullish range between $43 and $52k. Source: Rekt Capital on Twitter.
The analyst also points out the 12-month chart, which he claims shows that the annual resistance level of $46,500 is preventing BTC from falling. BTC’s outlook is bullish so long as there isn’t a major rejection of the downside from that level.
— Rekt Capital (@rektcapital) February 15, 2022
Walter Cripto, a pseudonymous analyst, believes that the technical outlook for Bitcoin is bullish in the short-term if bulls can hold on to support above $44,000. If this happens, he he pointsA fresh boost to resistance levels above $52,000
Bitcoin currently trades at $44,300. This is nearly 4% more than it was 24 hours ago. The weekly gains are just above one percent.
Rekt Capital says that the support level at its core is $43,280.