The Bitcoin price has been consolidating below the $60K level for the past few weeks. However, today, the asset reached an 8-day high of $58,500 🚀. According to technical analysis, the price has rebounded from the $52K support level and climbed above the $57K level. The RSI breaking the 50% threshold indicates a potential uptrend in the short term.

The 4-hour chart shows a classic bullish price action pattern. The market has broken out of a descending channel, which could lead to a rally towards the $60K or even $64K levels. However, for this scenario to be valid, the price needs to stay above the $57K support level.

On-chain analysis shows that the Bitcoin Exchange Whale Ratio is increasing rapidly. This indicates that large transactions are increasing and some participants are distributing BTC while others are collecting. This change indicates that a significant price movement is possible.