Bitcoin has broken above its August highs and is now challenging a long-term resistance zone, according to analyst Rekt Capital. The analyst highlighted that the August peak resistance had led to a price crash of up to 18%. With Bitcoin’s rally above $66K on Monday, Rekt Capital said a weekly close above this red resistance zone could signal a full-scale breakout, potentially reversing the current downtrend pattern.
However, if Bitcoin fails to close above the required level, it faces a potential 30% price correction and could drop to at least $47K.
