Bitcoin (BTC) is currently facing a critical support zone, and a popular crypto analyst is warning investors that the cryptocurrency could see further downside if it fails to hold the $91,000 level as support. Rekt Capital, a pseudonymous crypto trader with a large following on social media, believes that if Bitcoin drops below $91,000 and fails to reclaim it as support, the price could plummet to the $87,000-$91,000 range.
In a recent strategy session, Rekt Capital highlighted the importance of Bitcoin maintaining the $91,000 level as support. While the cryptocurrency briefly rebounded from the range low of $91,000, it is once again testing this crucial level. A daily close below $91,000, followed by a turning of this level into resistance, could signal further downside for Bitcoin. However, Rekt Capital notes that Bitcoin still has the opportunity to preserve $91,000 as support by closing above it on a daily basis.
Currently, Bitcoin is trading at $91,767, representing a 3% decrease on the day. Rekt Capital emphasizes the significance of the upcoming daily close in determining the next move for Bitcoin. The trader points out that while BTC has reclaimed the $91,000 zone as support, it needs to confirm this by closing the day above it.
Moreover, Rekt Capital suggests that Bitcoin is in the fourth week of a price discovery correction. Historically, these corrections typically last 2-4 weeks, indicating that the current retracement may be in its final stages. The trader highlights the importance of monitoring the price action and daily closes to gauge the cryptocurrency’s next move.
In conclusion, Bitcoin’s price remains at a critical juncture, with the $91,000 level serving as a key support zone. Investors are advised to closely monitor the daily closes and price action to determine the direction of the cryptocurrency. As the market continues to evolve, staying informed and vigilant is crucial for navigating the volatile crypto landscape.