Bitcoin Surges to $62,000, Breaking Free from 50-Day Downtrend

Bitcoin (BTC) continues to capture attention as the cryptocurrency market shows signs of recovery after a recent downturn.

On the hourly chart, BTC has finally broken out of the downward channel that has persisted since late July 2024, lasting for over 50 days.

The price action of the BTC/USDT pair suggests this could be a pivotal moment for Bitcoin, as it undergoes a textbook retest. Higher highs and higher lows are forming as the price approaches the breakout resistance.

Typically, after a prolonged consolidation phase, a parabolic price increase often follows. This could push BTC towards the target of $75,000, slightly surpassing its all-time high.

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