Bitcoin’s Price Holds Key at $104,500, Analyst Predicts Possible Uptrend

In Brief:

Analyst Rekt Capital highlights $104,500 as the key weekly closing price for Bitcoin.

A successful close above this level could trigger the second round of price discovery and an upward trend.

Bitcoin is at a critical juncture, with analysts closely watching the key weekly closing price level of $104,500. According to Rekt Capital, a respected analyst in the space, Bitcoin needs to convert this price point into support in order to set the stage for the next phase of price discovery.

If Bitcoin successfully closes above the upper limit of the recently reclaimed re-accumulation range this week, it could ignite a second round of price discovery, leading to a potential upward trend. This level is crucial for determining whether the current momentum will continue, or if Bitcoin will face a setback.

As Bitcoin hovers near this key price level, traders are waiting for confirmation that it can sustain its upward trajectory, potentially leading to further gains in the near future.

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