Analyst: Bitcoin has reached the long-term downtrend line and the 21-month EMA moving average; it must stabilize above the current resistance line to confirm the upward trend

Cryptocurrency analyst Rekt Capital released a technical chart analysis of Bitcoin, indicating that Bitcoin is facing resistance from a macro downtrend line, which is fitted 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 convert these two macro EMAs back into new support levels and break through the macro downtrend line to confirm a new bull market.

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