Bitcoin rebounds over $41K after painting a bullish hammer — Can BTC hit $64K next? - BitcoinEthereumNews.com
BTC/USD versus XAUUSD and S&P 500 daily price chart. Source: TradingViewBitcoin downtrend exhausting — analyst Johal Miles, an independent market analyst, धब्बेदार “significant buying pressure” in the market, adding that its downtrend might be heading towards exhaustion. Miles highlighted Bitcoin‘s recent upside retracement moves upon testing levels near $34,000 as support. For instance, on Jan. 24 and Feb. 24, BTC’s price formed a bullish hammer candlestick on its daily chart, hinting at a U-turn during an established downtrend. BTC/USD daily price chart. Source: Johal Miles, TradingView The same bullish hammers appeared last year in May and June, with their bottoms sitting below the key support level of $30,000. This was followed up with a sharp price reversal in the Bitcoin market with BTCs price reaching as high as $69,000 in November 2021. Additionally, Miles noted that the buying sentiment in the area between $28,500 and $34,200 came to be comparatively higher than around $46,000, a support Bitcoin broke to the downside in January 2022. “The key difference between the current range and the range we had previously at 46k is we are now seeing significant buying pressure when we visit the lows,” the analyst tweeted Monday, adding: The spells exhaustion of the downtrend to me, similar to