Analyst: Bitcoin has hit the long-term downward trend line and the 21-month EMA moving average. Only by stabilizing the current resistance line can confirm the bull market

Comparing news, crypto analyst Rekt Capital released a Bitcoin technical chart analysis indicating that Bitcoin is experiencing resistance from a macro-level downward trend line, which is in line with the 21-month EMA moving average.

Rekt Capital believes that if Bitcoin is blocked in this fitted resistance area, it may find support at the 50-month EMA moving average (purple). Overall, Bitcoin needs to turn these two macro EMAs back into new support levels and break through the macro downtrend line to confirm a new round of bull market.

Rekt Capital is a senior cryptographic technology analyst with 560,000 followers on the X platform.

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