bitcoin (btc), the largest cryptocurrency on the market, has seen a notable resurgence in its bullish momentumwith bitcoin price reclaiming the crucial $61,000 threshold.
This recovery follows a week-long bearish trend that led to a 20% drop to $56,000 on Wednesday. As bullish momentum returns, the possibility of further testing the upper resistance levels and regaining previously lost price levels strengthens.
bitcoin Bull's Eye $68,000
x.com/JustinBennettFX/status/1786382802599973352″ target=”_blank” rel=”nofollow”>According According to market expert Justin Bennett, a recovery of the $61,000 resistance level would open up potential areas such as between $67,000 and $68,000. However, at present, this level continues to pose significant resistance.
Analyzing the recent correction in the price of bitcoin, analyst crypto Con x.com/CryptoCon_/status/1786069034095595853″ target=”_blank” rel=”nofollow”>suggests that the market correction was necessary for the long-term price path.
The full retest of 20-week EMA support at $56,700 and return to the indicator support Zones, such as the Directional Movement Index, indicate healthy price consolidation.
In addition to technical indicators, the founder and CEO of on-chain and market data analysis company CryptoQuant, Ki Young Ju, highlights the current bullish sentiment.
According to your x.com/ki_young_ju/status/1786329424633516461″ target=”_blank” rel=”nofollow”>data, whales accumulated a significant amount of bitcoin, totaling 47,000 btc, in the last 24 hours. This further accumulation by large investors further reinforces the positive outlook for the price of bitcoin.
bitcoin price poised for bullish surge
crypto analyst Titan of crypto has provided more bullish predictions for the price of bitcoin. x.com/Washigorira/status/1786337683683385418″ target=”_blank” rel=”nofollow”>suggestion that recent corrections have led to the appropriation of liquidity in long leveraged positions. Furthermore, the Relative Strength Stochastic Index (RSI) on the 5-day chart is about to cross into bullish territory.
Historically, this has been followed by an increase price movement in bitcoin, leading to higher highs. This pattern has the potential to fuel renewed investor confidence and attract greater buying pressure.
Another positive sign x.com/Washigorira/status/1786427196053012822″ target=”_blank” rel=”nofollow”>highlighted of Titan of crypto is the recent buy signal generated by the Supertrend indicator, as seen in the chart below. This technical tool helps identify trends in the price movement of an asset.
The buy signal, which occurred just three months ago, implies that bitcoin may still have significant room to grow before reaching its cycle peak. According to the analyst, historical data suggests that the average duration from the buy signal to the top of cycle is approximately 19 months, indicating the potential for a sustained upward trend.
bitcoin, currently trading at $61,600, has seen a significant 4.7% rise in the last 24 hours alone. It remains to be seen whether btc will successfully break through the resistance levels while also challenging the ability of previously tested support levels to resist potential future downtrends.
Featured image from Shutterstock, chart from TradingView.com
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