Bitcoin Price Retest: Calm Before a Storm?
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Bitcoin (BTC) recently reached its highest weekly close, surpassing $109,000 and confirming key support levels. Analysts like Rekt Capital view this as a “retesting phase,” a period of consolidation before a potential surge to new all-time highs. This retest involves confirming the $109,000 resistance as support, a process Rekt Capital anticipates will be volatile given the narrow margin of the weekly close. However, significant high-timeframe support exists beneath, providing a potential springboard for further price increases. Key support levels confirmed include the re-accumulation range high around $104,400, the June monthly close above $102,464, and the $107,244 level from last month's close. These confirmations bolster the bullish outlook. Daan Crypto Trader adds another perspective, noting Bitcoin's tendency to set monthly highs or lows within the first 12 days of the month. While June was an exception, July's early inactivity suggests a potential significant move (up or down) is imminent. Daan suggests a slower pace through the summer, with a potential breakout and substantial price increase anticipated towards the end of Q3 or the beginning of Q4. Currently trading around $107,973, Bitcoin is consolidating within a range between $104,400 and $111,000, awaiting a decisive breakout to signal further upward momentum. The overall sentiment is cautiously optimistic, with analysts anticipating a significant price movement, potentially a new all-time high, following this period of consolidation.
