Bitcoin price rises, bulls continue to climb
The cryptocurrency market is showing strong momentum, with Bitcoin and various altcoins exhibiting signs of an upward trend. Renowned cryptocurrency analyst Rekt Capital predicts that after Bitcoin's recent closing price breaks a key resistance level, it may show an upward trend in the future. Rekt Capital emphasizes the importance of this trend for triggering market breakthroughs by sharing insights on social media.
What is the critical level for Bitcoin?
Rekt Capital believes that Bitcoin closing above $119,200 on the weekly chart is a strong technical indicator. The analyst suggests that breaking this level could turn previous resistance into support, thereby sustaining Bitcoin's continued rise.
Rekt Capital stated: “Bitcoin has achieved this. This week's closing price is around $119,200, above the bull flag top, and it is currently undergoing a retest to confirm the validity of the breakout. During this retest, there may be downward signals; however, as long as the bull flag top remains supported, Bitcoin will maintain its upward momentum.”
What performance can we expect from Pudgy Penguins and other altcoins?
Rekt Capital also pointed out that apart from Bitcoin, other crypto assets have also exhibited some productive technical patterns. Notably, the meme coin “Pudgy Penguins” (PENGU) has set a new weekly closing price record, breaking through an important resistance level.
Rekt Capital commented: “Pudgy Penguins have achieved the highest weekly closing price to date and successfully broke through the previous major resistance level. Testing the prior $0.04 resistance level as new support will indicate whether the breakout is successful. However, short-term bearish signals on the daily chart need to invalidate quickly to enable a strong upward movement.”
Observations on Pudgy Penguins indicate potential weakness in the short term. This analysis emphasizes the importance of swiftly suppressing negative signals on the daily chart to promote strong upward momentum.
Market considerations and precautions
Currently, Bitcoin is trading at $118,183, while Pudgy Penguins are priced at $0.041. The dynamic price fluctuations highlight the inherent volatility of the cryptocurrency market. We urge investors to remain vigilant.
