Analyst says Bitcoin needs to flip $43K into support, bears seek to stall bounce,

  • BTC/USD bounced above $44,000 on Tuesday, up from lows of $41,700 reached on Monday

  • Analyst Rekt Capital says flipping the area above $43k into support will help BTC bulls retain the 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. While bulls look to move higher, the bears are likely to stage a comeback, particularly if crypto mirrors any potential downturn in the equities market.

On Monday, BTC managed to hold above $42k even as stocks fell amid concerns over the Russia-Ukraine crisis. 

Can Bitcoin 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 mid-range area the analyst is watching is in the region of $43-$48k, where the weekly chart has the Bull Market EMAs buyers need to turn into support and open a potential path for further gains.

The upside also sees BTC pop into the $43k-$52k above which lies the macro range highs reached last November.

Rekt says:

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 breakout into the key bullish range of $43-$52k. Source: Rekt Capital on Twitter.

Looking at higher timeframes, the analyst points to the 12-month chart that he says shows the yearly resistance level around $46,500 is struggling to keep BTC lower. The outlook suggests BTC remains bullish as long as there is no major rejection to the downside from the level.

According to pseudonymous analyst Walter Cripto, the technical outlook for Bitcoin will continue to be bullish short term if bulls hold onto support above $44,000. If that scenario works out, he points to a fresh bounce to resistance levels above $52,000.

At the moment, Bitcoin is trading around $44,300, nearly 4% up in the past 24 hours. Weekly gains stand at just over one percent.

As per Rekt Capital, the key support level remains around $43,280.

The post Analyst says Bitcoin needs to flip $43K into support, bears seek to stall bounce, appeared first on Coin Journal.

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Author: Benson Toti