Bitcoin Rebounds from $76K Support, Gearing Up for a Breakout to All-Time High
- Bitcoin (BTC) rebounded from the $76K support, showing signs of recovery with a 1% daily gain.
- BTC is trading at $83,607, approaching resistance despite a 15% drop in trading volume.
- A bullish pattern suggests Bitcoin is positioning for a breakout toward its all-time high.
Bitcoin (BTC) recently faces significant volatility triggered by several macro factor that propelled BTC to slide down. Over the past week, BTC is down by 8% and hit its recent low at $76k and rebounded strongly from this crucial support level.
Now, the market is showing signs of recovery, with Bitcoin gradually shifting from a bearish to a bullish trend. Over the last 24 hours, BTC is slightly up by 1% and slowly pointing towards upward.
Currently, BTC is trading at $83,607 and aiming to surpass its resistance. Despite the stability and positive price action, its trading volume is experiencing decline and down by 15% in the last 24 hours with a 24-hour trading volume of $42.49B, market cap of $1.66T.
However, BTC looks identical to Gold here. The shakeout is finished and BTC recovering from recent market volatility. Now time for a massive pump, BTC is on the verge of breakout and positioning itself for next leg up.
Bitcoin Eyes Surge Towards ATH
Crypto analyst JAVON MARKS highlighted a key bullish pattern forming on Bitcoins chart, suggesting that BTC is primed for a return to all-time highs. According to the analyst, the strength behind Bitcoin remains firm, despite recent pullbacks, and the ongoing recovery could pave the way for a major rally.
With BTC already showing a 36% recovery, history suggests that the continuation of this trend could be substantial. As BTC hovers near resistance, analyst are watching closely, anticipating a potential surge that could redefine the markets trajectory. With momentum building and key levels holding firm, Bitcoin appears primed for another leg up.
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Text source: TronWeekly
