Bitcoin Rebounds Amid Seller Exhaustion: Analysts Eye New Highs

Bitcoin has recently shown signs of strength, rebounding more than 11% after dipping to $74,400 on April 7. The cryptocurrency surged past the key psychological level of $80,000, suggesting a potential shift in market sentiment. Analysts believe this jump may be indicative of waning selling pressure and a setup for continued upward momentum.

According to data from blockchain analytics firm Glassnode, realized losses during the recent price retracement have been on the decline. This suggests that fewer investors are panic selling, which historically has been a precursor to either a stabilization phase or a fresh bullish breakout. In particular, the market appears to be hesitant to offload BTC at current prices.

From a technical perspective, Bitcoin seems to be forming a W-bottom pattern — a classic double-bottom chart formation. If this structure plays out, the next resistance level could be near $88,800, potentially opening the door for a rise toward $106,000. This pattern is often seen as a bullish reversal signal when confirmed through continued price strength.

Key Takeaways

Bitcoin rebounded by over 11% from recent lows.
Glassnode data indicates decreasing selling pressure.
Technical analysts are eyeing a W-bottom formation.
Resistance at $88,800 could be a gateway to $106,000 if broken.

The current market rally follows a volatile stretch in which Bitcoin corrected from its all-time highs established in March. Now, all eyes are on whether BTC can hold above $80,500 — a level seen as critical for continued upside potential.

Despite prevailing macroeconomic uncertainties, a combination of improving on-chain metrics and encouraging price action has led some traders to believe the latest price dip marks a consolidation phase rather than the beginning of a broader downtrend.

For further details, you can read the full article on Cointelegraph.

Key Takeaways

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