The volatility in Bitcoin (BTC) over the past few days has drawn investors' attention to the market again. In particular, the positive candlestick closings observed on the daily chart of the largest cryptocurrency show that the bulls have taken control.

Bitcoin Bulls Take Control Again

Finally, Bitcoin gave confidence to investors by closing the daily candle above the $61,000 level. This candle closing is considered a critical sign for the upward movement of the cryptocurrency market. In addition, Bitcoin's increase of approximately 25 percent from the $49,000 level proves that the bull market is getting stronger.

Experienced cryptocurrency analyst Captain Faibik underlined that the bear market lost its effect and the bulls regained control during this process. It is currently observed that investors are buying again. The rapid recovery seen in the charts also supports this.

The price chart shared by the analyst shows that Bitcoin has bounced off strong support levels and created an upward trend. This movement, which started at $ 49,000, renewed the confidence of investors and contributed to the dispersion of the pessimistic atmosphere in the market.

Price Approaches Critical Threshold

According to Captain Faibik, the ultimate target level for Bitcoin is around $70,000. From a technical analysis perspective, it seems that the BTC/USD trading pair is approaching the long-term resistance trend line. If this level is broken, it seems likely that the largest cryptocurrency will try new highs. The all-time high for Bitcoin is currently at $72,750.

Investors need to be cautious and aware of the risks in the cryptocurrency market, where volatility is always high, even though the record will be renewed if this level is exceeded. Especially geopolitical and macroeconomic developments can cause the weather to change rapidly and upset expectations.