Bitcoin bull market resumes – $BTC above $64,000

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As a long-term crypto investor with experience in this volatile market, I’ve seen my fair share of ups and downs. Last week was no exception, as we witnessed a significant price swing in Bitcoin ($BTC). Going from despair at the low of $56,600 to euphoria as the price surged above $65,000, emotions ran high for many investors and traders.

Towards the end of last week, the Bitcoin price experienced a significant surge, surprising many who anticipated a more substantial correction for this cryptocurrency leader. The price dipped to a low of $56,600 on Wednesday but has since rebounded, with the current value surpassing $64,000 and resuming its bull market trend.

From despair to euphoria

As a crypto investor, I’ve felt the deep sense of despair when bitcoin dipped down to $56,600. But now, as it surges above $65,000, my emotions have shifted to one of elation and excitement. The unpredictable nature of this premier alpha currency continues to deliver a rollercoaster ride of feelings for those invested in it.

Famous trader Peter Brandt expressed some apprehension in a post on his X account on April 30th.

Over the course of my experience, I’ve come across numerous market peaks, many of which bore a resemblance to this descending triangle chart formation. It’s important to acknowledge one straightforward truth: Bitcoin has yet to surpass the price levels achieved three years ago, despite the halving events and the introduction of ETFs.

Happily, Brandt appears to have changed his tune in more recent posts:

“I have nothing against ETH, SOL and other cryptos. These are for trading. Bitcoin is for hodling.”

$BTC holds support by skin of its teeth

Examining the chart above, it is clear that Bitcoin narrowly avoided breaking the $59,000 support on a daily basis. A recent candle came very close to closing below this level, but failed to do so completely. However, on Friday, Bitcoin experienced a significant price surge, pushing it through the support and providing some degree of safety.

At the $64,000 mark, previous resistance may be transforming into newfound support. The Bitcoin price has returned to this level, potentially signaling confirmation of this shift. The descending trendline has been interrupted, suggesting a possible rise from a bullish “W” formation.

Huge $8,000 wick testament to massive buying pressure

Observing Bitcoin’s price action from a weekly perspective, it becomes clear how significant its rebound from what appears to be the bottom of the recent correction has been. An impressive buying candle, larger than the previous six such candles during this correction, pushed the price up by over $8,000 within just five days.

In the coming weeks, the stochastic RSI indicator for bitcoin’s weekly chart is expected to bounce back from its low point. This event could trigger a significant surge in Bitcoin’s price, potentially signaling the continuation of the bull market.

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2024-05-06 15:46