Bitcoin's Potential Bottom at $78,550, Says Rekt Capital

Veteran crypto trader Rekt Capital has provided insights into the potential bottom price for Bitcoin. According to the analyst, the first indication of a possible bullish reversal for Bitcoin would be when the cryptocurrency breaks and holds resistance at $78,550. The analyst notes that Bitcoin has failed to retest the red $78,550 March lows, suggesting that these lows may act as new resistance in the future. For Bitcoin to adopt a bullish bias, it would need to reclaim these lows as support to challenge the downtrend.

Additionally, the analyst points out that Bitcoin has entered a trading volume gap on the weekly chart around $70,000. This further suggests that Bitcoin needs to retest that level. The analyst explains that Bitcoin is experiencing downside continuation after upside wicking into the early March weekly lows. Having confirmed this red level as new resistance, Bitcoin is now dropping into the $71,000-$83,000 volume gap to fill this market inefficiency.

At the time of writing, Bitcoin is trading at $77,500, down 1% in the last 24 hours. The analyst's observations highlight the importance of key resistance levels and volume gaps in determining Bitcoin's price movements. The potential for a bullish reversal hinges on Bitcoin's ability to reclaim and hold support at $78,550, while the volume gap around $70,000 presents another critical level to watch.

In summary, according to Rekt Capital, Bitcoin's price could bottom out at $78,550, with the potential for a bullish reversal if it reclaims this level as support. The analyst's insights underscore the significance of key resistance levels and volume gaps in shaping Bitcoin's price trajectory. Investors and traders should closely monitor these levels as they navigate the volatile cryptocurrency market.