Ah, dear friends! The illustrious Bitcoin (BTC) has risen like a phoenix, soaring over 11% from its woeful low of $74,400 on the 7th of April! Analysts, those wise sages, proclaim that the signs of recovery are as clear as a sunny day in Paris! ☀️
Our esteemed analyst, AlphaBTC, declares with great fervor that Bitcoin shall continue its gallant recovery if it can maintain its noble stance above $81,500. A lofty ambition, indeed!
With a flourish, Bitcoin has reclaimed the psychological threshold of $80,000, having danced around the “weekly open” and tidied up the mess left by the infamous Trump 90-day pause pump, as noted in an April 10 missive. How delightful! 🎩
“I do hope to see it back above 81.5k soon, for then we may witness a delightful squeeze of the shorts!”
In a similar vein, the astute Rekt Capital echoes these sentiments, insisting that Bitcoin must achieve a weekly close above $80,500 to bolster its chances of recovery. A most reasonable request!
“Alas! Bitcoin has recently lost the red Weekly level, confirming that BTC is not yet out of the woods. Oh, the drama!” Rekt Capital lamented in an April post on X.
“$BTC must remain above the red until the Weekly Close, lest it lose this level as support!”
Could Bitcoin’s Recovery Be Fueled by “Seller Exhaustion”? 🤷♂️
It appears that our dear Bitcoin investors are nearing a state of “near-term seller exhaustion,” as the evidence of reduced realized losses suggests. Oh, the irony of it all! According to the wise folks at Glassnode, the magnitude of losses during these tumultuous times has begun to wane with each price dip.
“Bear markets, my friends, are often birthed from fear and substantial losses,” Glassnode quipped in their latest Week On-chain report. How profound!
“This hints at a delightful form of near-term seller exhaustion developing within this price range.”
Bollinger Bands and W Bottom: A Hint at New Price Highs? 📈
After plummeting to a five-month low of $74,400 on April 9, Bitcoin has once again flirted with the lower boundary of the Bollinger Bands (BB) indicator, a line that has graciously supported its price for the past five weeks. How charming!
John Bollinger, the creator of this splendid volatility indicator, suggests that Bitcoin may be forming the second low of a W-shaped pattern—a double-pronged bottom, if you will—on the weekly chart. How poetic!
“A classic Bollinger Band W bottom is setting up in $BTCUSD,” Bollinger remarked, adding that this pattern “still requires confirmation.” Ah, the suspense!
In this delightful scenario, Bitcoin’s descent to $76,600 on March 11 was the first bottom, and the recent dip to $74,400 was the second. If all goes well, BTC may rise from its current depths towards the neckline of the W-shaped pattern at $88,800, before galloping towards the grand target of $106,000. What a spectacle that would be!
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2025-04-11 20:36