Bitcoin forms a W-shaped reversal pattern, BTC rebounds more than 11% from the low point

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According to CoinJournal, BTC rebounded by over 11% from its low of $74,400 on April 7th and is now approaching $84,000.

Famous technical analyst John Bollinger discovered a potential W-shaped reversal pattern on the weekly chart. This pattern shows two distinct troughs: around $76,600 in March and $74,400 in April. The lower Bollinger Band is located at $77,138, providing key support for the price.

Analysts suggest that if BTC breaks through the $90,000 resistance level with high trading volume, it will confirm the W-bottom formation, with a potential target price of $106,000. On-chain data indicates that selling pressure is weakening as realized losses decrease.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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