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

2022-2-16 18:49

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.

The current #BTC yearly resistance of ~$46500 (black) is having a hard time at properly rejecting price to the downside$BTC #Crypto #Bitcoin pic.twitter.com/Yom38DbEZS

— Rekt Capital (@rektcapital) February 15, 2022

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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