Rekt Capital Sees Weakening Bitcoin Buying Interest Near 200-Week SMA
Crypto analyst Rekt Capital has observed that Bitcoin buying interest near its 200-week simple moving average (SMA) has weakened in August. This follows a trend of declining buy-side volume since March, with support at the 200-week SMA gradually weakening over time.
Rekt Capital noted that while Bitcoin rebounded after finding support near the 200-week SMA in July, the zone did not produce a clear buying response this month. He emphasized that the level now appears to be losing strength as a support line in August.
The analyst has previously outlined a break below the 200-week SMA as its base-case scenario over the medium term. In July, he had suggested that the 200-week SMA could serve as short-term support and trigger a limited rebound, but eventually give way to a move below it.