Renowned cryptocurrency analyst Rekt Capital recently explored Bitcoin’s recent activity, suggesting that the cryptocurrency has started to break out of a weekly trading range, hinting at a potential upward movement.

Discussing the bitcoin market, Rekt Capital noted that after experiencing an 18% decline, Bitcoin had been confined within a specific trading range called the Black-Black range, formed by two significant price levels from 2021. The analyst highlighted that reclaiming the key level of $69,200 could signal Bitcoin's readiness to exit this range, potentially marking the end of the corrective phase.

In a recent update, Rekt Capital confirmed that Bitcoin has surpassed the critical $69,200 level, initiating a breakout from the range. According to the analyst, the initial step in this breakout process is achieving a Weekly Close above the Range High, demonstrating a positive momentum shift. However, to further confirm this breakout, Bitcoin may need to revisit the range high and establish it as a new support level.

Despite a slight drop in Bitcoin's price during the day, with Bitcoin initially opening at $71,000 and subsequently dropping to $69,200, the recent movements suggest ongoing market fluctuations. At the time of reporting, Bitcoin was trading at $69,500, showcasing a slight decrease in value. While the market cap saw a similar decline, the trading volume surged by over 52%.

Looking ahead to April, even amid the day's price drop, there remains optimism in the market surrounding Bitcoin. Analysts anticipate robust performance for Bitcoin, given historical trends where April has consistently shown positive growth for the cryptocurrency. Zia Ul Haque, Founder of Open4Profit, indicated that April historically outperforms March, with an average monthly price increase of 14.2% for Bitcoin since 2013.

With Bitcoin's halving event set for later in April, industry experts like Haque anticipate heightened market activity leading up to this significant event. The buzz surrounding the halving event is expected to attract considerable market attention and potentially drive further price movements in the coming weeks.