Crypto analyst Rekt Capital stated that the $82,500 level is critically important in Bitcoin’s short-term outlook. According to the analyst, Bitcoin is likely to continue fluctuating around $82,500 until the September monthly candle close.
Rekt Capital stated that if Bitcoin closes below approximately $82,500 on a monthly basis, the likelihood of a shallow pullback and/or sideways consolidation increases. Conversely, if the monthly close is above $82,500, Bitcoin would need to retest this area in October and establish it as support to confirm the continuation of the uptrend.
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The analyst noted that the critical retest in the current price movement appears to have been successful so far. The shared weekly BTC/USD chart shows Bitcoin finding support just above $80,000 and trading around $84,000.
According to Rekt Capital, for Bitcoin to maintain its upward trend over time, it needs to remain stable above the lows of $80,000. If this stability is lost, the Bitcoin price could return to the broad macro price range of $60,000 to $80,000, entering a new consolidation phase there.
*This is not investment advice.