Crypto analyst Rekt Capital stated that the $82,500 level is critically important in Bitcoin’s short-term outlook. According to the analyst, Bitcoin is likely to continue fluctuating around $82,500 until the September monthly candle close.
Rekt Capital stated that if Bitcoin closes below approximately $82,500 on a monthly basis, the likelihood of a shallow pullback and/or sideways consolidation increases. Conversely, if the monthly close is above $82,500, Bitcoin would need to retest this area in October and establish it as support to confirm the continuation of the uptrend.
The analyst noted that the critical retest in the current price movement appears to have been successful so far. The shared weekly BTC/USD chart shows Bitcoin finding support just above $80,000 and trading around $84,000.
According to Rekt Capital, for Bitcoin to maintain its upward trend over time, it needs to remain stable above the lows of $80,000. If this stability is lost, the Bitcoin price could return to the broad macro price range of $60,000 to $80,000, entering a new consolidation phase there.
*This is not investment advice.
