Source: Cointelegraph
Original: “Bitcoin (BTC) Enters 'Critical Zone': Triple Breakout and $93,500 Support Battle”
Key Points:
Bitcoin has broken through three key resistance levels in a week, but its biggest retracement battle is still ongoing.
Analysis, including insights from renowned trader and analyst Rekt Capital, indicates that the current Bitcoin price is in a critical zone crucial for bulls.
Bitcoin Breaks Through “Triple Resistance”
The latest weekly candle for Bitcoin has broken through three resistance lines, Rekt Capital revealed.
In addition to the horizontal weekly resistance, BTC/USD has also broken through the multi-month descending trend line previously discussed by Cointelegraph, as well as the 21-week exponential moving average (EMA).
“Bitcoin broke through all these resistance levels last week,” Rekt Capital commented in a post on the X platform, along with a diagram.
Another post noted that Bitcoin has also broken through the 21-week and 50-week exponential moving averages (EMAs), which typically provide support in a bull market.
“Bitcoin has repeated the price history of mid-2021, breaking out of the range formed by these two bull market EMAs,” Rekt Capital summarized.
However, for some, the true test of the current Bitcoin price rebound lies elsewhere.
In the latest YouTube video analysis on April 28, Keith Alan, co-founder of trading resource Material Indicators, pointed out that Bitcoin is still struggling to reclaim the opening price from early 2025.
Around $93,500, this level is a key focus for the future, and briefly falling below this level after the weekly close has raised concerns for Alan.
“This is one of the reasons why I think we might see more downward volatility,” he said, while also acknowledging the potential benefits of retesting new support levels.
Alan added that he hopes the 21-week simple moving average (SMA) can hold as support, but the current price is in a “critical zone.”
The short-term appeal of Bitcoin's price also includes $94,000, as there is a wall of buy orders on the Binance futures order book.
This buy order liquidity was marked and uploaded to X by monitoring resource CoinGlass on April 29.
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This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
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