BlockBeats News, August 21st - Cryptocurrency analyst Rekt Capital has released a Bitcoin technical chart analysis indicating that Bitcoin is currently facing a macro downtrend resistance line, which aligns with the 21-month EMA moving average.

Rekt Capital believes that if Bitcoin is rejected in this confluence of resistance, it may find support at the 50-month EMA moving average (in purple). Overall, Bitcoin needs to reclaim these two macro EMAs as new support levels and break above the macro downtrend line to confirm a new bull market.

Rekt Capital is a senior cryptocurrency technical analyst and has 560,000 followers on Platform X.