Bitcoin is in the testing phase at Critical Support Levels

A leading analyst noted that Bitcoin is testing critical support points. The levels of $104,400 and $109,000 stand out as critical points that investors should watch closely. It is emphasized that the breakout of these support and resistance levels is of great importance for the continuation of upward movement.

The analyst known in the crypto markets by the username Rekt Capital evaluated Bitcoin's current position at $107,387.28 and potential price movements. According to him, Bitcoin is going through an important transition phase, and a correction movement may occur in the short term. However, a new upward wave may begin afterward.

Rekt Capital expresses that there may be downward volatility in prices in the upcoming period, stating that particularly reclaiming the critical support around $104,400 will be decisive for the price. He points out that this support has been maintained for about 6-7 weeks.

"There may be some downward movements in the short term. However, at least the level of $104,400 must be reclaimed. This level has served as a solid support for about six to seven weeks."

If Bitcoin regains this support, it is expected that the next important step will be for the resistance level around $109,000 to turn into support. This stage is seen as a critical turning point for the continuation of upward momentum.

Possible Scenario for Uptrend

If the resistance around $109,000 is broken and becomes a permanent support, Bitcoin may enter a new uptrend. Rekt Capital indicates that this upward movement could last for several weeks and emphasizes that it is very important for the price to clearly confirm the breakout.

"If $109,000 remains as support, it may signal the beginning of a new uptrend. If this breakout is confirmed, it is possible for us to see an upward movement over the next few weeks. If successful, we will have time to move towards record levels."

General Market Outlook and Investor Recommendations

Bitcoin is currently trading around $106,710. The analyst says that investors should track price movements in the context of support and resistance levels. He also particularly emphasizes that this transition period contains uncertainties and it is important for investors to act cautiously.

It is reminded that unpredictable risks can always be present in market movements. Therefore, it is of great importance to conduct multi-faceted analyses and closely monitor the markets before making an investment decision.

The support and resistance levels that will determine the direction of Bitcoin's price can play a key role in investment decisions. Currently, for an upward movement, the price needs to maintain and exceed critical levels. The performance of these levels will shape Bitcoin's trend in the coming weeks.

Experts say that tracking these technical levels and being prepared for sudden market movements is vital for investors. In the short and medium term perspective, these recommendations can guide the market.

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