One of the most respected crypto analysts identifies where Bitcoin (BTC), amid turmoil in markets caused by US President Donald Trump’s tariffs, may reach a bottom.
Rekt Capital, a crypto strategist on social media, told his 542,6000 Twitter followers that Bitcoin’s Relative Strength Index could hold support at $70,000.
Rekt Says
The price would not necessarily drop if the Daily RSI of Bitcoin fell below the 28 RSI level. The actual bottom price historically has been -0.32% – -8.44% below the RSI bottom price. Bitcoin has formed its second lowest price, which is -2.79% lower than the previous low. If the price were to drop -8.44% from its first low, it would be at $70,000 .”
Analysts also say that if Bitcoin’s flagship cryptocurrency asset fails to hold resistance above $78,550, it could be the first sign of a bullish turn around.
For price to adopt bullish bias, it would need to reclaim these lows as support in order for the downtrend (green) then be challenged. To adopt a bullish bias in price, the lows would have to be reclaimed as support.
Analysts also note that Bitcoin’s weekly chart has a gap in trading volume around $70,00, which further suggests that BTC must retest this level.
Bitcoin is continuing to decline after wicking up into early March’s weekly lows. (Red). BTC has confirmed the red resistance level and is dropping to $71,000-83,000 in order to close this gap. .”
Bitcoin currently trades for $77,500, down by 1% over the past 24 hours.
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The post This is what price Bitcoin could bottom out at according to a veteran crypto trader may change as new information becomes available.
