Bitcoin sellers tap out, clearing the path for a fresh run at new all-time highs

Key Points

  • Bitcoin's price has rebounded by over 11% from its recent low of $74,400, with analysts predicting a sustained recovery if it holds above $81,500.
  • Onchain data indicates a potential "seller exhaustion," suggesting that the market might be nearing a point where selling pressure decreases.
  • Technical indicators like Bollinger Bands suggest Bitcoin could be forming a W-shaped pattern, potentially leading to new all-time highs if confirmed.

Summary

Bitcoin's price has shown signs of recovery after dipping to $74,400, with a notable 11% rebound. Analysts like AlphaBTC and Rekt Capital are optimistic about a sustained recovery if Bitcoin maintains above key psychological levels like $81,500 and $80,500 respectively. The market's behavior indicates a possible "seller exhaustion," where the intensity of realized losses decreases, hinting at a potential shift in market sentiment. Technical analysis, particularly the Bollinger Bands, supports the idea of Bitcoin forming a W-shaped bottom, which could propel the price towards new highs if the pattern is confirmed. This analysis suggests that Bitcoin might first aim for $88,800 before potentially reaching $106,000, although the article emphasizes that these insights do not constitute investment advice and readers should perform their own research.

cointelegraph
April 13, 2025
Crypto
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