Bitcoin Price Faces Further Downside Pressure - Here's Another Crypto Project To Watch

• Bitcoin’s price is under immense selling pressure, trading below $66,000.
• Popular analyst Rekt Capital believes Bitcoin is facing resistance at progressively lower levels.
• Amid market turmoil, the RECQ token from the Rebel Satoshi ecosystem has garnered attention

This week has been nothing short of disastrous for the crypto market, as a majority of altcoins are bleeding in double digits. 

Bitcoin’s price is also under immense selling pressure, and even though BTC is not plunging as hard as some altcoins, it has now fallen below $66,000, slowly declining from the $70,000 area.

The hype surrounding the Bitcoin halving and the approval of Bitcoin and Ethereum Spot ETFs is now gone.

 Amidst this market turmoil, there's a new meme coin to discuss today – RECQ.

Bitcoin Price Analysis

Bitcoin is trading around $65,600 at the time of writing, losing 4% of its value this week. Rekt Capital, a popular crypto analyst, shared his insights on the current market dynamics in his newsletter.

According to Rekt Capital’s analysis, in recent weeks, Bitcoin was trading near the upper range of its current reaccumulation phase. However, the BTC chart faced rejection at this range high, causing it to plunge deeper into the range.

Rekt Capital highlighted the emergence of a “Lower High resistance,” which created resistance at a lower price level compared to previous levels. 

Bitcoin has since been rejected from this Lower High resistance, confirming that the resistance is occurring at progressively lower and lower levels.

While previous rejections occurred around the $73,000 resistance level, the recent rejection happened at the $71,500 level. This suggests that sellers are eager to offload their holdings at lower price levels during rallies, weighing down on the price.

Furthermore, the $67,200 level, which previously acted as a strong support, is no longer providing the same level of support as before. In early March, Bitcoin rebounded strongly from this level initially, before eventually losing it as support. In late May, the rebound from this level was much weaker.

Consequently, it is unsurprising that Bitcoin has closed below the $67,200 level on a weekly basis. 

Since this level has already transitioned from a fairly decent support to a weak one, Rekt Capital suggests that it may continue its evolution into a new resistance level in the near future, should Bitcoin experience a relief rally from current prices.

Rekt Capital draws parallels to a similar pattern observed in the past, where a weekly close below this level preceded rejections from the same level, which then transitioned into a new point of resistance.

According to Rekt Capital’s analysis, Bitcoin is potentially setting itself up for a similar fate.

Santiment also reported a big drop in the number of non-empty Bitcoin wallets, indicating that traders are liquidating their holdings due to fear of further price declines.

Jelle, another respected analyst, commented on the recent price action, stating: “Asia gave the usual sell-off & took out the lows, while closing higher. Price needs to reclaim this area quickly – or it’ll roll over once more. Let’s see if this sweep sees any follow-through.”

Based on the current market sentiment and technical analysis, it appears that the BTC price may face further downside pressure in the near term. 

Rebel Satoshi (RECQ) – Crypto to watch?

RECQ is currently in Stage 2 of its presale, with the token price at $0.0044. Early investors who bought in Stage 1 at $0.0037 have already seen a 120% increase. Over 580 million RECQ tokens have been sold, and the next stage price is set at $0.0055. 

Rebel Satoshi’s RECQ is a utility token that serves as the base currency for all transactions and interactions within the Rebel Satoshi ecosystem, including the Rebel Satoshi Arcade gaming platform, NFT marketplace, and other services.

RECQ facilitates all transactions, purchases, fees, and rewards within the Rebel Satoshi ecosystem. It will be used to purchase in-game items, skins, equipment, and merchandise on the Rebel Satoshi Arcade gaming platform. 

Additionally, RECQ provides access to the Rebel Satoshi NFT marketplace which allow users to buy and trade NFTs using the token.

Holders can earn RECQ as rewards through play-to-earn gaming and other activities within the Rebel Satoshi metaverse. Furthermore, RECQ will be used to pay fees for various services and functionalities across the Rebel Satoshi ecosystem.

As the base currency, RECQ enables a decentralized economy within the Rebel Satoshi universe. Future utility may include staking RECQ to earn rewards, governance voting rights, and access to exclusive features or events.

Rebel Satoshi just launched a new version of their site.

How to Buy RECQ

To participate in the RECQ presale, follow these steps:

• Visit the official Rebel Satoshi website.
• Connect your crypto wallet (MetaMask, Trust Wallet, etc.) to the website.
• Use the “Presale Purchase Calculator” on the website to select the amount of RECQ tokens you want to buy and the cryptocurrency you want to use for payment (BNB, ETH, etc.).
• The current presale stage is Stage 2, with RECQ priced at $0.0044 per token. Stage 3 will see the price increase to $0.0055.
• Complete the purchase by confirming the transaction from your connected wallet.
• The purchased RECQ tokens will be sent to your wallet after the presale concludes.

Conclusion

To sum up, the Bitcoin price is facing downside pressure and the broader crypto market is struggling. However, the Rebel Satoshi ecosystem and its RECQ token might potentially present an interesting opportunity.

For the latest updates and more information, be sure to visit the official Rebel Satoshi Website or contact Rebel Red via Telegram.

This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies. These tokens are subject to larger liquidity and market risks.