Bitcoin aims to reclaim all-time high

Bitcoin aims to reclaim all-time high

Pseudonymous crypto trader Rekt Capital believes Bitcoin is poised to reclaim its previous all-time high, thanks to a breakout above a key downtrend and a successful bounce from a reaccumulation range. Rekt Capital told Cointelegraph that Bitcoin's breakout from the downtrend is a bullish sign, especially given that it has been consolidating within a range for several weeks. He added that BTC is now out of the "danger zone" and should continue its uptrend. Rekt Capital's analysis is in line with other technical indicators, which also suggest that Bitcoin is on the cusp of a major move. The Relative Strength Index (RSI) is currently above 70, indicating that BTC is overbought and could be due for a pullback. However, the Moving Average Convergence Divergence (MACD) is also bullish, suggesting that the uptrend is still intact. Previously on May 16, 2024, "In an interview with Cointelegraph, pseudonymous crypto trader Rekt Capital said, \"Bitcoin broke above the daily downtrend yesterday and should, given some more time, break its previous all-time highs around $73,797.\" He added that \"BTC has successfully bounced from a reaccumulation range since the halving, getting out of the 'danger zone' and should, after some more weeks above the box range low, continue its uptrend.\""