Crypto strategist Rekt Capital warns that Bitcoin 
$62,146 may trend lower due to strengthening resistance levels. In a statement on the social media platform X, he noted that Bitcoin has been struggling to reclaim critical weekly support levels.
Bitcoin’s Downward Trend and Market Outlook
In his message to 523,400 followers, Rekt Capital emphasized that Bitcoin is currently in a short-term downward trend. He indicated that Bitcoin is fluctuating around $90,000 and mentioned that failing to maintain support levels could lead to further declines. “Bitcoin is giving additional confirmations of a downturn under current conditions. The reasons for a bull market are currently limited,” he added.
He also recalled that a recovery often follows historical correction weeks. Rekt Capital noted, “Bitcoin may show gains after passing through historical correction periods,” highlighting the need for caution among investors.
Historical Trends and Progress in the Bull Market
Rekt Capital pointed out that Bitcoin has made around 38% progress in the current bull market cycle. He drew attention to the fact that the final phase of bull markets is often the most explosive. This phase suggests that current price movements could transition into a parabolic momentum.
The analyst stated that, historically, Bitcoin has demonstrated strong recoveries following correction weeks, indicating that while the current situation carries short-term risks, it could present a positive outlook in the long run. However, he reiterated the caution regarding the potential for further declines if resistance levels are not maintained.
Over the past year, Bitcoin has gained 125% in value and is currently trading at $98,151. Nevertheless, analysts indicate that the future direction of the market depends on the movements of support and resistance levels.
Developments in the cryptocurrency markets continue to require careful monitoring by investors. Analysts emphasize that such volatile periods present significant opportunities and risks for investment strategies.
