{"id":601651,"date":"2024-04-05T23:00:21","date_gmt":"2024-04-05T23:00:21","guid":{"rendered":"https:\/\/uniquehot.com\/?p=601651"},"modified":"2024-06-11T07:42:29","modified_gmt":"2024-06-11T07:42:29","slug":"bitcoin-recovery-rally-breaking-through-this-level","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-recovery-rally-breaking-through-this-level\/","title":{"rendered":"Bitcoin’s Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum – Analyst"},"content":{"rendered":"

Over the past week, Bitcoin (BTC) has struggled to move significantly to the upside as the leading cryptocurrency has entered a consolidation phase below the $69,000 mark.<\/p>\n

This subdued volatility departs from Bitcoin’s usual fluctuations, raising speculation about a potential stagnation phase in its market trajectory.<\/p>\n

Related Reading: Bitcoin Bulls Roar: Analysts Predict Surge To $82,000 Amid Bullish Pennant Formation<\/a><\/div>\n

Anticipation Builds For Bitcoin’s Next Rally<\/h2>\n

The cryptocurrency community has closely monitored Bitcoin’s movements, especially as it approaches crucial resistance levels. Insights from prominent crypto analyst Captain Faibik shed light<\/a> on Bitcoin’s current outlook.<\/p>\n

Captain Faibik suggests that Bitcoin could be on the brink of a significant breakout, contingent upon surpassing the $70,000 resistance threshold. According to the crypto analyst, the BTC “Bulls must Clear the $70,000 Resistance area to Confirm the upside Breakout.”<\/p>\n

\n

$BTC<\/a> is Bouncing back Nicely but still Consolidating within the Triangle.<\/p>\n

Bulls must Clear the 70k Resistance area to Confirm the upside Breakout.#Crypto<\/a> #Bitcoin<\/a> #BTC<\/a> pic.twitter.com\/NxAz8Y1ktq<\/a><\/p>\n

\u2014 Captain Faibik (@CryptoFaibik) April 5, 2024<\/a><\/p><\/blockquote>\n

Another crypto analyst, Jelle, Echoes similar sentiments and emphasizes the importance of patience among investors<\/a>, particularly with the impending Bitcoin halving event on the horizon.<\/p>\n

Notably, the Halving is a pre-programmed event built into the Bitcoin protocol that occurs approximately every four years within the Bitcoin network to reduce the reward for mining new BTC blocks<\/a>.<\/p>\n

Despite Bitcoin’s recent consolidation, anticipation for a potential rally above the $70,000 mark continues to build within the crypto community, especially as the halving is now less than 20 days away. This is because the halving ultimately decreases the supply of new BTC<\/a>, and\u00a0reduced supply often leads to increased demand and speculative buying.<\/span><\/p>\n

\u00a0<\/span>Hope For Bitcoin Bull Run<\/h2>\n

Jelle’s analysis underscores the historical precedent of Bitcoin’s price movements, noting that previous all-time highs were often preceded by periods of consolidation and uncertainty.<\/p>\n

Related Reading: Bitcoin Teeters On The Edge Of Glory: Will It Smash The $70,000 Resistance?<\/a><\/div>\n

Drawing attention to bullish indicators such as the pennant formation<\/a> and strong support levels, Jelle predicts a breakout in the coming weeks, providing hope for investors seeking upward momentum in Bitcoin’s price trajectory.<\/p>\n

\n

While #Bitcoin<\/a> did not break $69,000 in one go, it looks like it’s forming a new higher low here.<\/p>\n

Hold $66,500, and we’ll be at $69k again soon.<\/p>\n

Be patient – the halving is approaching fast. pic.twitter.com\/LgMjodV4mF<\/a><\/p>\n

\u2014 Jelle (@CryptoJelleNL) April 5, 2024<\/a><\/p><\/blockquote>\n

Meanwhile, current market data<\/a> indicates a favorable environment for retail traders, with Glassnode reporting<\/a> increased Bitcoin accumulation by short-term holders since December 2023.<\/p>\n

\"Bitcoin
Bitcoin short-term holders metric. | Source: Glassnode<\/a><\/figcaption><\/figure>\n

This trend suggests growing confidence among retail investors in Bitcoin’s long-term potential, further fuelling expectations for a potential rally beyond $70,000<\/a>.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Over the past week, Bitcoin (BTC) has struggled to move significantly to the upside as the leading cryptocurrency has entered a consolidation phase below the $69,000 mark. This subdued volatility departs from Bitcoin’s usual fluctuations, raising speculation about a potential stagnation phase in its market trajectory. Related Reading: Bitcoin Bulls Roar: Analysts Predict Surge To $82,000 Amid Bullish Pennant Formation Anticipation Builds For Bitcoin’s Next Rally The cryptocurrency community has closely monitored Bitcoin’s movements, especially as it approaches crucial resistance levels. Insights from prominent crypto analyst Captain Faibik shed light on Bitcoin’s current outlook. Captain Faibik suggests that Bitcoin could be on the brink of a significant breakout, contingent upon surpassing the $70,000 resistance threshold. According to the crypto analyst, the BTC “Bulls must Clear the $70,000 Resistance area to Confirm the upside Breakout.” $BTC is Bouncing back Nicely but still Consolidating within the Triangle. Bulls must Clear the 70k Resistance area to Confirm the upside Breakout.#Crypto #Bitcoin #BTC pic.twitter.com\/NxAz8Y1ktq \u2014 Captain Faibik (@CryptoFaibik) April 5, 2024 Another crypto analyst, Jelle, Echoes similar sentiments and emphasizes the importance of patience among investors, particularly with the impending Bitcoin halving event on the horizon. Notably, the Halving is a pre-programmed event built into the Bitcoin protocol that occurs approximately every four years within the Bitcoin network to reduce the reward for mining new BTC blocks. Despite Bitcoin’s recent consolidation, anticipation for a potential rally above the $70,000 mark continues to build within the crypto community, especially as the halving is now less than 20 days away. This is because the halving ultimately decreases the supply of new BTC, and\u00a0reduced supply often leads to increased demand and speculative buying. \u00a0Hope For Bitcoin Bull Run Jelle’s analysis underscores the historical precedent of Bitcoin’s price movements, noting that previous all-time highs were often preceded by periods of consolidation and uncertainty. Related Reading: Bitcoin Teeters On The Edge Of Glory: Will It Smash The $70,000 Resistance? Drawing attention to bullish indicators such as the pennant formation and strong support levels, Jelle predicts a breakout in the coming weeks, providing hope for investors seeking upward momentum in Bitcoin’s price trajectory. While #Bitcoin did not break $69,000 in one go, it looks like it’s forming a new higher low here. Hold $66,500, and we’ll be at $69k again soon. Be patient – the halving is approaching fast. pic.twitter.com\/LgMjodV4mF \u2014 Jelle (@CryptoJelleNL) April 5, 2024 Meanwhile, current market data indicates a favorable environment for retail traders, with Glassnode reporting increased Bitcoin accumulation by short-term holders since December 2023. This trend suggests growing confidence among retail investors in Bitcoin’s long-term potential, further fuelling expectations for a potential rally beyond $70,000. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":558480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,441,678,1119,78790,87925,86203],"class_list":["post-601651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto-asset","tag-rypto"],"acf":[],"yoast_head":"\nBitcoin Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum - Analyst<\/title>\n<meta name=\"description\" content=\"Over the past week, Bitcoin (BTC) has struggled to make any significant move to the upside as the leading cryptocurrency has entered a...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-recovery-rally-breaking-through-this-level\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum - 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin’s Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum – Analyst","url":"http:\/\/uniquehot.com\/news\/bitcoin-recovery-rally-breaking-through-this-level\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-recovery-rally-breaking-through-this-level\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Bitcoin-Price-Tide.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Bitcoin-Price-Tide.jpg?fit=900%2C600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin prediction","btc","btcusdt","crypto asset","rypto"],"dateCreated":"2024-04-05T23:00:21Z","datePublished":"2024-04-05T23:00:21Z","dateModified":"2024-06-11T07:42:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin’s Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum – Analyst\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-recovery-rally-breaking-through-this-level\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-recovery-rally-breaking-through-this-level\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-Price-Tide.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-Price-Tide.jpg?fit=900%2C600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin prediction\",\"btc\",\"btcusdt\",\"crypto asset\",\"rypto\"],\"dateCreated\":\"2024-04-05T23:00:21Z\",\"datePublished\":\"2024-04-05T23:00:21Z\",\"dateModified\":\"2024-06-11T07:42:29Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Bitcoin-Price-Tide.jpg?fit=900%2C600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/601651"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=601651"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/601651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/558480"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=601651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=601651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=601651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}