As we entered the latter part of last week, there was significant buying activity driving up the price of $BTC, defying expectations of a larger correction for the leading cryptocurrency.
Starting from a low of $56,600 last Wednesday, Bitcoin’s bull market has reignited, with the price now exceeding $64,000.
Emotions have been on a rollercoaster ride for investors and traders, transitioning from despair when Bitcoin dipped to $56,600, to euphoria as it climbs above $65,000. This wide range of sentiments reflects the volatility inherent in trading the premier cryptocurrency.
Even renowned trader Peter Brandt expressed uncertainty on April 30, suggesting concerns about Bitcoin’s failure to surpass previous highs despite factors like halving and ETFs. However, in more recent posts, Brandt seems to have shifted his stance, emphasizing Bitcoin’s role as a long-term hold compared to other cryptocurrencies.
Examining the daily chart, it’s evident that Bitcoin narrowly held onto the $59,000 support level, with a daily candle barely avoiding a close below it. Friday saw a sharp upward movement, pushing the price above the support level towards relative safety. The resistance at $64,000 may now serve as support, with Bitcoin’s price potentially confirming this shift. Additionally, the downward trend has been broken, raising the possibility of Bitcoin forming a bullish W pattern.
Taking a broader perspective on the weekly timeframe, Bitcoin’s rebound from what appears to be the bottom of its correction is remarkable. A massive buying wick, dwarfing previous corrections, propelled the price up by over $8,000 in just five days. Furthermore, the stochastic RSI on the weekly timeframe is poised to cross up from the bottom in the coming days, signaling significant upward momentum. This suggests a potential resurgence of the Bitcoin bull market.
