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Bitcoin Needs To Reclaim This Level For Trend Continuation
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Red Monday, Green Week? Bitcoin Needs To Reclaim This Level For Trend Continuation – Analyst

Rubmar Garcia
Rubmar Garcia
3 months ago
3 mins read
Bitcoin

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Bitcoin (BTC) has dropped below $95,000 and risks a further decline amid the ongoing market retrace. As February comes to an end, some analysts consider the flagship crypto needs to reclaim some crucial levels to continue its bullish long-term trend.

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Bitcoin Sees Monday Bleeding

Over the past three days, Bitcoin has seen its price drop below some key levels, dropping 5.7% From Friday’s highs. Amid the news of the US Securities and Exchange Commission’s withdrawal of its crypto case against Coinbase, the largest crypto by market capitalization traded above the $99,000 mark for the first time in two weeks.

However, the positive sentiment quickly vanished after Bybit, one of the largest crypto exchanges in the world, suffered a $1.5 billion hack that took around 401,347 ETH. As a result, most cryptocurrencies, including Bitcoin, lost their momentary gains.

Since then, the flagship crypto has hovered between the $95,000 and $96,000 zone, briefly nearing the $97,000 resistance on Saturday. On Monday, the correction continued, with BTC dropping below $95,000 and hitting its one-week low at $93,800.

As noted by analyst Jelle, Bitcoin continues to dump on New York markets opening. Per the post, BTC has been retracing from its early Monday recoveries every week after the US market opens, driving its price to a red Monday close several times in the past few months.

Despite these retraces and the recent market corrections, Bitcoin has remained within its post-election range since November, showing minimal volatility. BTC has hovered between the $96,000-$102,000 mid-zone of the range for most of this period.

Amid its recent performance, Altcoin Sherpa pointed out that, excluding February 18, Bitcoin has not closed below its daily support zone in over a month, signaling that BTC needs to close above $95,700 to continue holding this crucial level.

BTC Retests Bullish Flag Breakout

Meanwhile, Rekt Capital highlighted that BTC needs a monthly close above $96,000 to continue its bullish long-term trend. In January, the largest crypto registered a historic candle after closing the month above the $100,000 mark for the first time.

This close confirmed Bitcoin’s breakout from its post-election monthly bull flag. However, the recent price action has seen BTC retest its breakout level again, momentarily losing it.

Bitcoin
Bitcoin retests monthly bull flag breakout level. Source: Rekt Capital

The analyst asserted that the cryptocurrency needs to reclaim and close February above $96,700 “to confirm the breakout & set itself up for trend continuation over time.”

He added that BTC has traded around this key level throughout the majority of February, and continuing to hold it would indicate a “successful post-breakout retest.”

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Rekt Capital concluded that BTC’s daily close “isn’t as important as the higher timeframe signal” as the bull flag bottom continues to hold as support “and the three-month trend of a Higher Low at the downside wicks still exists.”

At the time of writing, BTC trades at $94,165, a 2.1% decrease in the daily timeframe.

Bitcoin, BTC, BTCUSDT
Bitcoin’s performance in the one-week chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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