{"id":21687,"date":"2023-06-19T16:01:35","date_gmt":"2023-06-19T16:01:35","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-signals-potential-breakdown-top-analyst-says\/"},"modified":"2023-06-19T16:01:35","modified_gmt":"2023-06-19T16:01:35","slug":"bitcoin-signals-potential-breakdown-top-analyst-says","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-signals-potential-breakdown-top-analyst-says\/","title":{"rendered":"Bitcoin signals potential breakdown, top analyst says"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687188134845-0fd21d8c-0e57-46d5-990a-777097dd8b9f-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687188134845-0fd21d8c-0e57-46d5-990a-777097dd8b9f-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687188134845-0fd21d8c-0e57-46d5-990a-777097dd8b9f-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687188134845-0fd21d8c-0e57-46d5-990a-777097dd8b9f-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Bitcoin (BTC) is positioned for further downside as a new Weekly Close below the 200-week moving average signals.<\/li>\n<li dir=\"ltr\">BTC rejecting from above $26k would welcome bears to the party as double-confirmation of the breakdown.<\/li>\n<li dir=\"ltr\">According to crypto analyst Rekt Capital, the 200-week MA is a robust resistance zone.\u00a0<\/li>\n<\/ul>\n<p dir=\"ltr\">As <a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin<\/a> bulls face rejection from above $26k, a top analyst has pointed out the benchmark cryptocurrency\u2019s price faces fresh downside pressure.<\/p>\n<p dir=\"ltr\">BTC price is currently 2.4% up in the past week, but has failed to break past key resistance around $26,600. The breakdown to lows of $24,800 last week amid negative regulatory headlines appears to have only emboldened bears further.<\/p>\n<h2 dir=\"ltr\">Bitcoin positioned for downside<\/h2>\n<p dir=\"ltr\">According to crypto analyst Rekt Capital, the technical outlook for BTC suggests more weakness is likely. This is after a new weekly close below the 200-week moving average, which signals a \u201cdouble confirmation of [a] breakdown,\u201d the analyst noted.<\/p>\n<p dir=\"ltr\">Last week, Bitcoin price recovered from lows of $24.8k after the market reacted sharply to the SEC\u2019s lawsuits against crypto exchanges Binance and Coinbase. Commenting after the upside, Rekt Capital<a href=\"https:\/\/twitter.com\/rektcapital\/status\/1670490269878239232\" rel=\"noopener noreferrer\" target=\"_blank\"> <u>suggested<\/u><\/a> that Bitcoin had \u201c<em>run straight into the 200-week MA<\/em>\u201d<\/p>\n<p dir=\"ltr\">He noted that if bears managed to turn this zone into new resistance, there was likelihood BTC could see a \u201ctwo-step breakdown confirmation.\u201d Such a price scenario was likely to result in further downside pressure.<\/p>\n<p dir=\"ltr\">\u201c<em>T<\/em><em>echnically, BTC is positioned for downside. Why? Because it has produced another, new Weekly Close below the 200-week MA. As a result, $BTC has shown double-confirmation of breakdown from the 200-week MA. Continued rejection here could send price lower<\/em>,\u201d he<a href=\"https:\/\/twitter.com\/rektcapital\/status\/1670789716138917889\" rel=\"noopener noreferrer\" target=\"_blank\"> <u>tweeted<\/u><\/a> on Monday, pointing to last week\u2019s prediction.<\/p>\n<p dir=\"ltr\">Here\u2019s a<a href=\"https:\/\/twitter.com\/rektcapital\/status\/1670789716138917889\/photo\/1\" rel=\"noopener noreferrer\" target=\"_blank\">\u00a0<u>chart<\/u><\/a> the analyst shared, showing Bitcoin\u2019s rejection at both a downtrend line and the 200-week MA.<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/05\/19\/1687187774157-4bd37017-6c19-433a-a25a-201ad7129418.jpg\" style=\"width: 800px\" class=\"fr-fic fr-dib\" width=\"800\" height=\"434\"\/><\/p>\n<p dir=\"ltr\">If Bitcoin gives up the $26k level again, a run to June lows could open up room for more losses. However, as BitMEX founder and former CEO Arthur Hayes pointed out last week, its likely crypto will hit the pain of an extended sideways action before a new trigger sets up an \u201cautumn rally.\u201d<\/p>\n<p dir=\"ltr\">As CoinJournal <a href=\"https:\/\/coinjournal.net\/news\/arthur-hayes-says-the-chinese-trader-will-drive-cryptos-next-bull-market\/\">reported<\/a>, the BitMEX founder believes the trigger will be retail trading, and a big possibility is this next bull market is led by the Chinese trader. BlackRock filing for a spot Bitcoin ETF could also be a significant tailwind in coming months.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-signals-potential-breakdown-top-analyst-says-about-btc-price\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin (BTC) is positioned for further downside as a new Weekly Close below the 200-week moving average signals. BTC rejecting from above $26k would welcome bears to the party as double-confirmation of the breakdown. According to crypto analyst Rekt Capital, the 200-week MA [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":21688,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21687"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=21687"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/21688"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=21687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=21687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=21687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}