The past week was a wild ride for the crypto community as the $BTC price defied expectations and soared to new heights. Despite fears of a major correction, the king of cryptocurrencies proved its resilience by bouncing back from a low of $56,600 on Wednesday to a staggering $64,000. The bull market for bitcoin is back in full force, leaving many investors in awe and anticipation of what’s to come.
From Despair To Euphoria
Witness the rollercoaster of emotions that have gripped the world of finance, as the once-downtrodden bitcoin soared from a lowly $56,600 to an exhilarating high of $65,000. From despair to delight, investors and traders have been taken on a wild ride with the king of all currencies.
Even renowned trader Peter Brandt was getting cold feet as he posted the following on his X account back on 30 April:
“I have seen dozens of significant market tops over the years with charts that looked like this descending triangle. A simple fact needs to be resolved — that Bitcoin has not exceeded the tops made three years ago despite the halving and ETFs.”
Peter Brandt
$BTC Holds Support By Skin Of Its Teeth
As we gaze upon the daily chart, it becomes clear that bitcoin’s fate was hanging by a thread as it struggled to hold onto the $59,000 support. With bated breath, we watched as a single daily candle barely managed to keep its body above the critical level. But just when all seemed lost, Friday arrived like a knight in shining armor, propelling the price upwards in a blazing rocket ship. It was a thrilling sight to behold as bitcoin soared towards relative safety, leaving behind the uncertainty and peril of its previous struggles.
The formidable resistance at $64,000 may be transforming into a strong support, as the $BTC price bounces back to validate this theory. Not only that, but the downward trend has been shattered, igniting hopes that $BTC is on the cusp of a bullish surge, forming a promising W pattern.
Huge $8,000 Wick Testament To Massive Buying Pressure
Step back and take a look at the bigger picture – on the weekly time frame, bitcoin’s recent climb from what appeared to be the depths of its correction is nothing short of impressive. In fact, a massive buying frenzy, surpassing even the six previous dips during this correction, catapulted the price up by a whopping $8,000 in just five days.
Exclusive: Ripple vs SEC: Ripple could lose the ongoing XRP lawsuit
But the excitement doesn’t stop there. Keep your eyes peeled over the next few days as the stochastic RSI on the weekly chart is set to make a bullish turn. Brace yourself for a surge of upward momentum that will send the bitcoin price soaring.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.