Bitcoin\u2019s recent consolidation above the $104,000 mark may be more than just a pause; it could be the final checkpoint before a new all-time high, according to leading market analyst Rekt Capital.<\/p>\n
As the crypto market braces for a major move, the king cryptocurrency\u2019s ability to hold this critical level could determine whether bulls finally take the wheel or sellers reclaim dominance.<\/p>\n
In a newsletter<\/a> published on June 16, Rekt Capital pointed out that BTC has now spent six consecutive weeks retesting the $104,400 level as support. According to the pseudonymous market watcher, the prolonged retest follows Bitcoin\u2019s breakout from a multi-month \u201cre-accumulation range.\u201d<\/p>\n He reminded investors that BTC took over 240 days to break its post-halving range earlier this year. Holding above $104,400 on weekly closes is paramount: \u201cIt\u2019s difficult to talk about lower prices until the $104,400 level breaks down,\u201d they stated.<\/p>\n Despite \u201cbrutal\u201d sentiment and exhaustion among traders, the actual price pullback from recent highs has been modest at just -10%, representing more of a \u201ctime-based capitulation\u201d rather than a price-driven plunge. In their estimation, failure to hold this level risks a deeper correction.<\/p>\n At the same time, sustained support could pave the way to challenge the final major resistance near $108,890, pushing the asset into what he called \u201cPrice Discovery Uptrend 2.\u201d<\/p>\n \u201cAs long as BTC holds $104400, then it is positioned for upside over time,\u201d declared the analyst.<\/p>\n Though sluggish, the transition is notable for producing higher lows and diamond-shaped formations, technical signals that often precede strong upward movements.<\/p>\n Even geopolitical jitters caused by the ongoing military conflict between Israel and Iran have failed\u00a0to\u00a0derail<\/a> Bitcoin\u2019s structural support seriously<\/span>, further strengthening its bullish case.<\/p>\n At the time of writing, BTC was trading around $105,569, a 2% drop over the past 24 hours. It also shaved about 3.4% from its value in the last seven days, while maintaining a 60.2% gain across 12 months.<\/p>\n A tightening consolidation near the cryptocurrency\u2019s all-time high of $111,814 could also signal growing tension, with investor Daan Crypto Trades noting<\/a> that the monthly range is \u201cextremely likely\u201d to break in June.<\/p>\n He warned that a \u201clarge move is coming in the next couple of weeks,\u201d even as on-chain data shared<\/a> by Axel Adler Jr. revealed a sustained drop in Coin Days Destroyed (CDD) Momentum below zero, indicating reduced selling pressure from long-term holders. Coupled with a continued decline<\/a> in exchange-held BTC, the setup points toward a market primed for supply shocks.<\/p>\n The post This Key Level Holds Key to Unlocking Bitcoin\u2019s Next Bull Run: Analyst<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s recent consolidation above the $104,000 mark may be more than just a pause; it could be the final checkpoint before a new all-time high, according to leading market analyst Rekt Capital. As the crypto market braces for a major move, the king cryptocurrency\u2019s ability to hold this critical level could determine whether bulls finally […]<\/p>\n","protected":false},"author":0,"featured_media":73981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-73980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/73980"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=73980"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/73980\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/73981"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=73980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=73980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=73980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Market Behavior<\/h2>\n