Bitcoin (BTC) Sees Explosive Trading Volume Surge as New Uptrend Begins: Rekt Capital

Pseudonymous trader Rekt Capital notes that Bitcoin has decisively broken a descending trendline on the daily chart, signaling the end of its downtrend and the start of a new upward movement.

Crypto strategist who called Bitcoin's pre-halving correction now thinks BTC is starting a new uptrend.

Pseudonymous trader Rekt Capital notes that Bitcoin has broken a descending trendline on the daily chart, signaling the end of its downtrend and the beginning of a new uptrend on the chart.

#BTC

The Bitcoin Downtrend is over

A new Bitcoin Uptrend has begun$BTC #Crypto #Bitcoin

https://t.co/cvSyIq7byI

pic.twitter.com/A36rbafY25

— Rekt Capital (@rektcapital) July 16, 2024

Rekt Capital says that if Bitcoin can turn the $65,000 level into support, it will create a new trading range with an upper boundary of $71,500. A break of the $65,000 level would put Bitcoin in line to trade within the $65,000-$71,500 zone.

#BTC

The moment Bitcoin breaks $65,000 (blue) is the moment Bitcoin will form a new red cluster of price action

Breaking $65,000 would mean price would be ready to move inside the $65,000-$71,500 region

$BTC #Crypto #Bitcoin

https://t.co/yxOhRsmVU9

pic.twitter.com/TZMP37ufjx

— Rekt Capital (@rektcapital) July 16, 2024

The analyst also notes that Bitcoin's recent return to the $60,000 range could be setting up a pattern that has been seen in previous cycles, which would suggest that new all-time highs are on the horizon. The reaccumulation range has now been successfully reclaimed, which is a key development.

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Bitcoin (BTC) Sees Explosive Trading Volume Surge

Finally, Rekt Capital notes that with the reaccumulation zone now reclaimed, any future dips in Bitcoin are likely to be short-lived, serving as opportunities for BTC to print new support and continue its روند صعودي.

Any dip would be a way for Bitcoin to reclaim previously lost levels as new support, ensuring further trend continuation to the upside.

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