A widely followed crypto analyst believes that Bitcoin (BTC<\/a>) could remain in a downtrend unless two key events occur.<\/p>\n Pseudonymous crypto trader Rekt Capital tells<\/a> his 482,600 followers on the social media platform X that a bullish Bitcoin reversal could be confirmed if the crypto king convincingly flips the descending trendline into support.<\/p>\n \u201cBitcoin needs a daily close followed by a successful retest of the downtrend as new support to fully confirm a breakout beyond this downtrend.\u201d<\/em><\/p>\n The analyst also says<\/a> that Bitcoin is showing bullish divergence on the daily time frame with the Relative Strength Index (RSI), a momentum oscillator indicator. A bullish divergence, which suggests price will start to increase, occurs when the price of an asset records lower lows while indicators are witnessing higher lows.<\/p>\n \u201cBTC: the bullish divergence is playing out. And Bitcoin is now challenging the downtrend for a chance at further breaking out.\u201d<\/em><\/p>\n On the weekly chart, the analyst is closely watching<\/a> to see whether Bitcoin can reclaim the range low to signal an uptrend.<\/p>\n \u201cBitcoin only needs to rally an extra +3.5% to the upside to position itself for a weekly candle close above $60,600 to reclaim the range low. Bitcoin needs to reclaim this re-accumulation range.\u201d<\/em><\/p>\n Bitcoin is trading for $57,397 at time of writing, down slightly in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Featured Image: Shutterstock\/Liu zishan<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" A widely followed crypto analyst believes that Bitcoin (BTC) could remain in a downtrend unless two key events occur. Pseudonymous crypto trader Rekt Capital tells his 482,600 followers on the social media platform X that a bullish Bitcoin reversal could be confirmed if the crypto king convincingly flips the descending trendline into support. \u201cBitcoin needs […]<\/p>\n","protected":false},"author":2,"featured_media":58060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-342417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/342417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=342417"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/342417\/revisions"}],"predecessor-version":[{"id":342422,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/342417\/revisions\/342422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/58060"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=342417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=342417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=342417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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