Is Bitcoin’s Rise a Relief Rally? What are the Important Levels to Follow for BTC?

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Bitcoin And altcoinin the days Fed While there was a rise before the decision, investors were left in a dilemma about whether this rise was a bull rally or a bull trap.

At this point popular analyst Rekt Capitalevaluated Bitcoin.

Pointing out that the monthly close in Bitcoin will be important, Rekt Capital stated that BTC tended to turn its monthly supports into resistances last year.

In this context 27,100 dollar in advance BTC Stating that there is an important support level for , the analyst said that a monthly close above $ 27,100 could bring this level closer to regaining support.

However, a monthly close below $27,100 will confirm this level as new resistance and make it clear that this rise is a relief rally.

“The upcoming Monthly Candle Close in Bitcoin will be very important.

Because last year, BTC showed that it tends to produce long reversal wicks as it turns old monthly supports into new resistances.

These wicks can be up to +8% in length.

A +7% bullish wick above $27,100 here and a Monthly Close above $27,100 would suggest that the price could move closer to reclaiming this recently lost level as support.

However, if there is a wick above $27,100 and a Monthly Close below $27,100, it will probably mean that $27,100 will be confirmed as the new resistance and this upward movement is a relief rally.”

This rise is likely to be a relief rally where $27,100 is confirmed as new resistance before dropping to the $23,000 region.

If $27,100 is lost, the next major monthly support could be 23,000.”

In another post, Rekt Capital stated that Bitcoin “Bearish Bitcoin Fractal” He pointed out that it may be forming

Stating that Bitcoin has a history of creating a Double Top by developing a relief rally for a new low/high level, the analyst said that if this fractal forms, BTC He also predicted what the possible scenario would be for

“It appears that Bitcoin has a history of forming a Double Top, developing a relief rally to form a new Low/High before breaking out.

If this fractal occurs, how will it reflect on the current 2023 cycle? The possible answer to the question may be as follows:

‘Bitcoin experiences a relief rally before breaking $26,000 to activate the bearish fractal. And BTC may rise to $29,000 in this relief rally.”

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