Bull Market Again?

Bitcoin daily overview after yesterday's positive CPI data.

On the daily chart, Bitcoin is forming a descending channel pattern, but if you look at the macro chart, it resembles more of a bullish flag.

After the crash, Bitcoin made a nice recovery from the ascending trendline support.

As I mentioned earlier, this is likely just a relief rally to the descending resistance you see on the chart.

Here’s a key sign: if Bitcoin reclaims the $60K level and gives us a strong close with volume on the daily chart, we may confirm that the bull market is back.

Until then, be cautious with your trades. In the meantime, keep accumulating profits at intervals.