On April 12, according to CoinJournal, Bitcoin rallied more than 11% from its low of $74,400 on April 7 and is now close to $84,000.
Renowned technical analyst John Bollinger spotted a potential W-shaped reversal pattern on the weekly chart. The pattern showed two distinct lows: around $76,600 in March and $74,400 in April. The lower Bollinger Band is at $77,138, providing key support for the price.
Analysts said that if BTC can break through the $90,000 resistance level supported by high volume, it will confirm the W bottom pattern and the target price level may reach $106,000. On-chain data shows that seller pressure is easing as realized losses decrease.
Bitcoin forms a W-shaped reversal pattern, with BTC rebounding more than 11% from its lows.
2025-04-12 08:03:18
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