Bitcoin enthusiasts and analysts are abuzz with optimism as the cryptocurrency shows signs of overcoming its recent downtrend. Popular analyst Rekt Capital has observed early indicators of reduced selling pressure, with Bitcoin forming strong support at the $60,000 level.
Shortly after the release of the US Consumer Price Index (CPI) data on Wednesday, Bitcoin's price surged by another 6%, surpassing $66,000 earlier today. At the time of writing, BTC is trading at $65,780, boasting a market cap of $1.295 trillion. This upward movement included a crucial breakout above the $64,000 resistance level, potentially paving the way for new all-time highs.
Bitcoin Downtrend Is Over
Rekt Capital has reported that Bitcoin’s downtrend appears to be over amid the current breakout. He tweeted: "The Bitcoin Bull Market is not over. But time and time again, the market will try to shake you out of your positions before you are able to profit significantly from them."
Rekt Capital also highlighted that Bitcoin is showing initial signs of diminishing sell-side momentum, gradually stabilizing around the $60,000 support level. This sustained support is vital for the trend to evolve and potentially trigger an upward movement. "BTC’s current breakout to $66,000 just shows that it doesn’t take much to turn it all around," he noted.
BTC Preparing for New All-Time High?
Renowned market analyst Peter Brandt believes that Bitcoin is on its way to reaching a new all-time high. For this to happen, BTC needs to achieve a decisive breakout above $67,000 with strong bullish momentum.
In addition, popular market analyst Alex Kruger pointed to several positive indicators for Bitcoin’s future. Kruger noted: "Stocks are at all-time highs. Long rates topped. Dollar, topped as well. Bitcoin is at 66K. The world economy is growing. Powell is dovish. Central banks are about to start cutting rates. QT tapering is about to start."
Crypto analyst Michael van de Poppe also observed Bitcoin's resilience in maintaining support at the $60.5K range, marking a significant development in the market. According to van de Poppe, Bitcoin’s recent upward breakout suggests an imminent period of stability and potential growth. He further predicts that this period of calm in the Bitcoin market will likely coincide with accelerated growth in altcoins.
As the market watches these developments closely, the future of Bitcoin remains a hot topic of discussion among investors and analysts alike, with many hopeful for new all-time highs in the near future.
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