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Will Bitcoin (BTC) Price Rise Back to ATH After Recent Recovery?

The Bitcoin (BTC) price has bounced off a significant support zone and formed a bullish price pattern. Does this help it reach an all-time high again?

Daily Outlook

The Bitcoin (BTC) price dropped after reaching a new all-time high at $73,737 on March 13, 2024. This move brought the price down to a significant support zone at $59,389-$60,500, formed by horizontal support area and the 0.618 Fibonacci retracement level of the recent rally. If this is a correction within the uptrend, the price would bounce strongly from this zone.

In fact, the Bitcoin price bounced strongly from this zone yesterday, forming a bullish engulfing pattern (green ellipse). This pattern occurs when the previous day’s decline is completely covered by the next day’s price action, indicating strong buying pressure from the bulls at lower levels.

Moreover, it also confirms that this is just a correction within the uptrend, as mentioned above.

The daily RSI (Relative Strength Index) bounced from the 50 level (green arrow) as the price bounced from the support zone, supporting the possibility of a recovery.

Therefore, the BTC price is likely to retest the all-time high at $73,737 in the near future.

BTC/USDT daily chart. Source: TradingView

Short-term Correction

The 4-hour chart shows that BTC’s recovery has reached a horizontal resistance area at $68,000, which led to a recent sell-off.

The 4-hour RSI has formed a bearish divergence, often followed by corrections.

Therefore, the BTC price may correct towards a minor horizontal support area at $64,700 before continuing its uptrend.

BTC/USDT 4-hourly chart. Source: TradingView

Conclusion

The most likely scenario suggests that the BTC price will retest the all-time high at $73,737.

However, it may correct towards $64,700 before continuing the uptrend.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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