Bitcoin Breakout Signals Potential Upswing

Breakout Process

Analyst Rekt Capital believes Bitcoin has broken out of a weekly range that could lead to a surge. This range was defined by the 2021 candle peak and the 2021 upside wick.

The first step in the breakout process was for Bitcoin to close above the range high of $69,200. This has occurred, and BTC may now retest this level as support.

Recent Price Action

Bitcoin opened at $71,000 today but has since fallen to $69,500. This suggests a potential pullback before further gains.

Bullish Sentiment

Despite the recent decline, investors remain optimistic about Bitcoin. The upcoming halving event in April is expected to boost BTC’s value.

Historical Performance

Historically, April has been a strong month for Bitcoin, with an average price increase of 14.2%. This year, the halving event could lead to an even stronger performance.