Bitcoin (BTC) breaking above the macro downtrend recently cryptocurrency seen as one of the most important developments for the unit.
Bitcoin (BTC) Needs Monthly Close Over $25,000
The cryptocurrency phenomenon called Rekt Capital, which has more than 300 thousand followers on Twitter, also believes that there should be a monthly closing above this level in order to talk about an upward trend.
#BTC needs to Monthly Candle Close above the Macro Downtrend
However, this breakout is looking pretty decisive
As long as $BTC holds above the Macro Downtrend breakout price point of ~$25000…
The breakout into a new macro uptrend will be fully confirmed#Crypto #Bitcoin pic.twitter.com/DX6gw8eYsR
— Rekt Capital (@rektcapital) March 19, 2023
For this breakout to be fully confirmed, BTC needs to close a monthly candle above the macro downtrend.
The breakout currently looks decisive and as long as BTC stays above the $25,000 breakout price point, the probability of a new macro uptrend is considered high.
This is an important level to watch as a sustained move above this price point will signal a clear shift in market sentiment and potentially attract new investors to the cryptocurrency.
The importance of this breakout cannot be underestimated as it represents a potential turning point for BTC after a long period of consolidation and bearish price action.
Entering a new macro uptrend will signal renewed optimism and the potential for a significant price increase in the long run.
However, it is important to remember that there are still risks and uncertainties in the cryptocurrency market. BTC remains highly volatile and subject to sudden price fluctuations, and there are a number of factors that could affect its price in the near term.
All in all, while the recent break above the macro downtrend is an important development for BTC, the cryptocurrency needs to close a monthly candle above this level for the breakout to be fully confirmed.
As always, investors should be careful and do their own research before making any investment decision in the cryptocurrency space.
*Not investment advice.
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