Bitcoin (BTC/USD), the leading cryptocurrency by market capitalization, faces potential headwinds as it struggles to sustain its recent gains. Pseudonymous crypto strategist Rekt Capital, known for accurately forecasting Bitcoin’s retracements, warns of a potential multi-week correction. BTC has broken below two critical weekly support levels, raising concerns about the continuation of its short-term uptrend. Bitcoin’s Support Levels Turn Into Resistance According to Rekt Capital, Bitcoin’s price action on the weekly chart shows increasing signs of a shift towards a prolonged correction phase. The analyst points out that BTC has flipped old support levels into resistance, a bearish signal that could lead to further downside movement. “The weekly support has been lost. The five-week technical uptrend is over. Bitcoin is showing increasing signs of transitioning into a multi-week correction. Any relief rally into these old supports could turn them into new resistance,” says the strategist. #BTC The Weekly support has been lost (blue) The 5-week technical uptrend is over (orange) Bitcoin is showing increasing signs of transitioning into a multi-week correction Any relief rally, if at all needed, into these old supports could turn them into new resistance to… https://t.co/ZpfhWCtdt6 pic.twitter.com/U7d2zGOnpf — Rekt Capital (@rektcapital) December 23, 2024 With Bitcoin currently trading at $93,956, up 0.29% over the last 24 hours, the cryptocurrency remains within range of the critical $92,000 support zone. Failure to maintain this level could result in a decline toward $90,000 or lower. Bitcoin ($BTC) forms a triple-bottom near $92K, hinting at potential bullish recovery. Key resistance at $95,234; failure to hold could test $90K. Eyes on $94,849 50 EMA! #Bitcoin #Crypto pic.twitter.com/CN149Q8QHC — Arslan Ali (@forex_arslan) December 31, 2024 Daily Technical Outlook: Bitcoin Faces Key Levels Bitcoin’s 4-hour chart reveals a triple-bottom pattern , providing temporary support near $92,000. Immediate resistance is noted at $95,234, followed by $96,860 and $98,361. On the downside, support levels at $92,103 and $89,613 are crucial for bulls to defend. Technical indicators suggest mixed momentum. Bitcoin is trading below its 50 EMA at $94,849, reflecting near-term bearish sentiment. Meanwhile, the RSI at 48.38 signals improving momentum, indicating potential for a bullish reversal if buying pressure increases. Analyst’s Outlook: Caution Amid Uncertainty Rekt Capital emphasizes that Bitcoin must reclaim the $94,250 level to prevent a sharper decline into the low $90,000s. However, the triple-bottom formation suggests resilience, with bulls likely to remain active near $92,000. Traders should monitor these key levels closely as BTC navigates this critical phase. You might also like Bitcoin Price Prediction 2024 – 2034 $BEST Wallet: Web3 Simplified, $6.1M Raised in Presale While Bitcoin’s price remains stable, an exciting opportunity has captured investor interest. Best Wallet is a revolutionary Web3 platform supporting thousands of cryptocurrencies across 50+ major blockchains, including Bitcoin and Ethereum. Users can securely manage their assets to buy, sell, and swap both same-chain and cross-chain without requiring KYC verification. Always stay one step ahead with Best Wallet! Get early access to new projects, seamless trading, and powerful tools built to keep you ahead in the market. This is what early truly feels like. Download Now https://t.co/RZCs6fkyKm pic.twitter.com/oy86QDf6i7 — Best Wallet (@BestWalletHQ) December 27, 2024 The $BEST token presale has now raised $6,111,904, priced at $0.023425. With only 1 day left before the next price increase, now is the perfect time to act! Early investors gain access to exclusive rewards and upcoming project launches. Why Consider Investing in $BEST? Utility-Driven: Tailored for seamless use in DeFi applications, staking, and token claims. Early Advantage: Gain presale perks and participate in exclusive project launches. Expanding Ecosystem: A rapidly growing community and partnerships with trending platforms like Pepe Unchained. The project’s active engagement on Twitter and Telegram reflects the strong interest from its community. With robust features and an ever-growing ecosystem, $BEST Wallet continues to distinguish itself as a leader in the Web3 landscape. The post Bitcoin Warning: Analyst Predicts Multi-Week Correction as BTC Breaks Key Supports appeared first on Cryptonews .
