Bitcoin (BTC) prices rebounded more than 11% from April. The low 74,400 people of $ 74,400, and the analysts believe that onChain and technical indicators refer to continuous recovery.
According to the popular analyst Alphabtc, Bitcoin will continue to recover if it has more than $ 81,500.
Bitcoin Price said in a April 10 post, “It is open every week and fills some of the non -efficiency left by the 90 -day suspension pump.”
“I soon wanted to look back at 81.5K and I could see it a little more upside down when the shorts were pressed.”
BTC/USD 4 hours chart. source: Alpart
Fellow analyst REKT CAPITAL shared similar emotions, and Bitcoin said he had to produce more than $ 80,500 a week to increase the possibility of recovery.
Rekt Capital told X’s April post, “Bitcoin has recently lost Red Weekly Level.
“$ BTC must keep the price over red until the day deadline until the price is supported this week.”
BTC/USD weekly chart. Source: Rekt Capital
Bitcoin prices can be promoted by “seller fatigue”.
According to GlassNode’s OnChain data, Bitcoin Investors is approaching the degree of “short -term seller exhaustion” as the size of the realization loss is reduced.
Looking at the 6 -hour rolling window for the realized loss, the market information company found that the size of the realized loss during the drawdown began to decrease as each continuous price leg was lowered.
GlassNode said, “The bear market is usually started by a period of fear and significant losses.
“This suggests that the form of short-term seller -exhaustion can begin to develop within this price range.”
Bitcoin: 6 hours rolling loss. Source: Glass Node
relevant: Will Bitcoin prices collide again?
Bollinger Bands and W Bottom Hint at New Price Highs
On April 9, after the minimum of $ 74,400, Bitcoin re -tested the lower boundaries of the BB (Bollinger Bands) indicator.
BTC/USD weekly chart with a Bollinger band. source: John Bollinger/TradingView
According to the creator of John Bollinger, a bollinger bands volatility indicator, this is a encouraging sign of Bitcoin. Bollinger bands indicators use the simple average standard deviation around the move to determine both price range and volatility.
Bollinger says Bitcoin Price can lead to the second lowest W -shaped pattern formation on the weekly chart (a double front flooring, which can lead to an exit.
Bollinger said, “We set the Classic Bollinger Band W Floor Set for $ BTCUSD.
In this situation, it was the first floor that Bitcoin fell to $ 76,600 on March 11, and recently fell to $ 74,400.
If it is confirmed, the price of the BTC can be recovered from the current level to the $ 88,800 W -shaped neckline, and to $ 106,000 for the goal of the prevailing chart pattern.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.