Bitcoin Breaks Barrier: Pattern Ignites Hopes for Major BTC Rally

Bitcoin has made a strong move, pushing past the mark. This surge comes after weeks of tough times for crypto markets. BTC hit $65,400 early on a weekday, thanks to a weaker US dollar and positive vibes in Asian stock markets. This could be the start of something big.

What Sparked This Bitcoin Price Jump?

The total crypto market size dropped to $2.19 trillion earlier this week. This level is close to the lows from the February 5 crash. Now, with BTC leading the charge, the market cap is bouncing back. Experts see this as a key moment.

Alex Kuptsikevich, a top analyst at FxPro, points to a classic chart pattern called the . If BTC holds this support level, it could mean a 10% rise soon. But if it fails, we might see a 25% drop, ending the recovery hopes.

Understanding the Pattern in Simple Terms

The is a popular sign in trading charts that a price drop might reverse into a rise. Picture this: the price falls to a low point, bounces up a little to hit resistance, then drops back to test that same low. It looks like a W shape with two bottoms.

Once the price breaks above the middle peak of the W, it confirms a bullish turnaround. For Bitcoin, the recent lows around $2.19 trillion market cap match this setup. Traders are watching if BTC can push past the $2.47 trillion cap seen 10 days ago.

• First bottom: February crash lows.
• Second bottom: This week’s dip.
• Neckline: The high between them to break for confirmation.

This pattern has worked for BTC before, like in past bull runs. It gives hope for a trend reversal after months of decline.

Altcoins Join the Party as BTC Leads

Other top coins are riding Bitcoin’s wave. Ether climbed 4.2% in the last day. Solana jumped 7%, and XRP gained 3%. Later updates show even bigger moves: BTC touched $67,500, with Ether, Solana, and Dogecoin up over 10%.

Crypto stocks like Circle also rose, showing strength across the board. This bounce feels clean after weeks of choppy action.

Why Now? Macro Factors Fuel the Fire

Asian stock markets hit records, up 1.4% on the MSCI index. South Korea and Taiwan led, driven by AI chip stocks ahead of Nvidia’s earnings. This risk-on mood spilled into crypto.

The US dollar weakened too. The Bloomberg Dollar Spot Index fell after a big political speech. Talk of tariffs and even replacing income taxes with them shook things up. A softer dollar often helps Bitcoin, as it makes risk assets like BTC more attractive. Though the link isn’t always steady in downtrends.

Cautions Amid the Optimism

Not everyone is cheering yet. Surveys show a “crisis of confidence” in Bitcoin after a nearly 50% drop from highs. Analysts say no clear new drivers for growth right now.

Kuptsikevich warns the bottom might not be in. He thinks real selling panic is still coming. Thin conviction means this bounce could fade if support breaks.

What Does This Mean for Bitcoin Investors?

For holders, the offers hope. A confirmed breakout could target $70,000+ soon. But set stop-losses below recent lows to protect against downside.

New buyers might wait for neckline break. Day traders can play the momentum with tight risks.

Long-term, Bitcoin’s story ties to global money trends. Weaker dollars, stock rallies, and political shifts could keep upside alive.

Looking Ahead: Key Levels to Watch

Watch Nvidia earnings, dollar moves, and US policy news. These could sway the next leg.

Final Thoughts on BTC’s Path Forward

Bitcoin’s push above revives dreams. With altcoins surging and macro tailwinds, the bounce has legs – for now. But markets are tricky; conviction is low, and capitulation lurks.

Stay tuned as BTC tests higher. This could be the spark for recovery or a false dawn. Either way, the setup keeps traders hooked.

What do you think? Will BTC hold the pattern? Share in comments below.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.