According to Rekt Capital, Bitcoin’s Decline Has Been Confirmed, But There Is Something Missing!

bitcoin As Glassnode noted, it continued to consolidate in a narrow range and closed the week below $27,600.

In this context BTC’evaluating the weekly closing and price movements of Rekt Capital Cryptocurrency analyst using the pseudonym claimed that BTC fully confirmed the drop.

Stating that Bitcoin has made another weekly close below $ 27,600, Rekt Capital stated that this means that BTC completely confirms the decline from this level.

BTCClaiming that .

“Bitcoin has made another Weekly Close below $27,600, the level indicated by the black line.

This means that BTC has confirmed that it will drop below the $27,600 level.

Technically speaking, BTC is positioned on the downside, according to this chart.

The only thing missing at this point is the selling pressure side that will cause a deeper decline.”

#BTC has performed yet another Weekly Close below ~$27600 (black)

which means $BTC has fully confirmed the breakdown from black

Technically, BTC is positioned for downside

Only thing missing at this point is sell-side volume to prompt deeper downside#Crypto #Bitcoin https://t.co/wSNNW5ISPt pic.twitter.com/kverB8zZLr

— Rekt Capital (@rektcapital) May 22, 2023

The analyst, who mentioned the importance of the $ 27,600 level in his previous post, “BTC is still being rejected at this $27,600 level. As long as this level continues to act as resistance, it will lead to additional downsides for Bitcoin and risks a stronger drop.” he said.

bitcoin At the time of writing, it continues to trade at $ 26,735.

*Not investment advice.