As Bitcoin Glassnode noted, it continued to consolidate in a narrow range, while closing the week below $27,600.
In this context, the cryptocurrency analyst using the nickname Rekt Capital, who evaluated the weekly closing and price movements of BTC, claimed that BTC completely confirmed the fall.
Stating that Bitcoin has made another weekly close below $ 27,600, Rekt Capital stated that this means that BTC completely confirms the decline from this level.
Claiming that BTC is technically in a downtrend, the analyst said that the only thing missing is selling pressure.
“Bitcoin has made another Weekly Close below $27,600, the level indicated by the black line.
This means that BTC has confirmed that it will drop below the $27,600 level.
Technically speaking, BTC is positioned on the downside, according to this chart.
The only thing missing at this point is the selling pressure side that will lead to a deeper decline.”
#BTC has performed yet another Weekly Close below ~$27600 (black)
Which means $BTC has fully confirmed the breakdown from black
Technically, BTC is positioned for downside
Only thing missing at this point is sell-side volume to prompt deeper downside#Crypto #Bitcoin https://t.co/wSNNW5ISPt pic.twitter.com/kverB8zZLr
— Rekt Capital (@rektcapital) May 22, 2023
Referring to the importance of the $27,600 level in his previous post, the analyst said, "BTC is still rejected at this $27,600 level. As long as this level continues to act as a resistance, it will cause extra negativities for Bitcoin and carry a stronger fall risk." he said.
Bitcoin continues to be traded at $ 26,735 at the time of writing.
*Not investment advice.
