According to Rekt Capital, Bitcoin’s latest weekly close came in just above a key resistance level near $119,200 — a threshold he believes could act as the launchpad for another rally. With BTC finishing the week around $119,400, the stage may now be set for a bullish continuation, provided the price holds firm during an expected retest.
Rekt notes that while short-term dips may occur, maintaining this breakout zone as support is crucial for the uptrend to gain traction. At press time, Bitcoin trades slightly lower around $118,183 — not unusual during early-stage confirmation phases.
Shifting focus, the analyst also commented on Pudgy Penguins (PENGU), a memecoin that recently reached its highest weekly close. Despite the strong technical positioning, he expressed caution. Bearish divergences on the daily chart suggest that momentum may be fading — and unless PENGU shows renewed strength soon, its breakout could stall.
In summary, while Bitcoin appears to be laying the groundwork for another leg up, not all assets are in the clear — especially those showing early signs of weakness beneath the surface.
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