‘Fake Breakdown’? – Crypto Analyst Says BTC About to Challenge Downtrend After Showing Stability

‘Fake Breakdown’? – Crypto Analyst Says BTC About to Challenge Downtrend After Showing Stability


A widely followed crypto analyst thinks Bitcoin (BTC) could be on the verge of stabilizing after a sizeable correction.

Pseudonymous crypto trader Rekt Capital tells his 482,500 followers on the social media platform X that BTC is showing positive signs of life after its most recent drop.

“Bitcoin is showcasing some initial signs of stability after the crash

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And in doing so, it is creeping closer to the Downtrend (light blue)

This Downtrend will be challenged if the Bullish Divergence plays out.”

Source: Rekt Capital/X

According to the analyst, BTC’s price breakdown is now showing signs that it’s finding support near the $57,000 mark.

“Bitcoin has managed to reclaim the purple level as support, despite the fake-breakdown.”

Source: Rekt Capital/X

Finally, the analyst points out

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