The Bitcoin Price recovery from last week’s sell-off with the development of a bullish reversal pattern triggers a higher rally.
Published 2 hours ago
Bitcoin, the leading cryptocurrency, entered the new week with a solid bullish outlook with an intraday of 2.6% and currently trading at $43158. This uptick has surpassed last week’s high, the period which creates wide market concern of a potential downfall. A look at the daily time frame shows the Bitcoin price reversal has also developed into a bullish reversal pattern, suggesting the correction phase is over and the market might trigger another push.
Bullish Reversal Pattern Set BTC For a Quick 10% Jump
- The Bitcoin price sustainability above 38.2% Fibonacci retracement level reflects the larger trend remains positive
- A bullish breakout from the inverted head and shoulder pattern brings a long opportunity for pullback traders
- The intraday trading volume in Bitcoin is $19.6 Billion, indicating a 25% gain.
With the slowdown in the Grayscale Bitcoin trust outflow, Bitcoin resurfaces above the critical $40K mark and hints at a bullish trend ahead. Starting the week on a positive note, the BTC price records a weekly growth of 11% and trades at $43030.
Amid this recovery, the coin price displays a quick turnaround in the market sentiments with the support of price action in a shorter time frame. With an inverted head and shoulders pattern breakout in the 4H chart, the breakout rally projects a bigger leap.
Further, with the rising inflow in alternative Spot ETFs like BlackRock’s or Fidelity’s, the Bitcoin price eyes a strong bullish note to start February.
For additional confirmation, the sideline traders can wait for the neckline breakout rally to cross the 50% retracement level of the correction trend at $43560. This breakout of the overhead supply ceiling will increase the likelihood of a bull run.
Can Bitcoin Price Regain $49000?
With the bullish breakout of the inverted head and shoulder, buyers are anticipating a strong trend in Bitcoin. The Post-breakout rally could target the $47000 mark at a 10% surge, followed by a rechallenge to a $49000 swing high.
- Exponential Moving Average(4 hour): The recent jump above the crucial EMAs(20, 50, 100, and 200) offers additional support for buyers to sustain currency recovery
- Moving Average Directional Index(daily): A bullish crossover between the MACD and signal line reflects the short-term sentiment has turned bullish.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
