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Bitcoin’s recent rally to $64,448 has reinforced a bullish trend, locking in a key technical pattern, according to analysts. After dropping to a recent low of $59,815 on Oct. 3, Bitcoin’s price surged by 7.75%, reaching its monthly high on Oct. 7. This movement confirms a trend change, with the 200-day EMA acting as a crucial support level.
Bitcoin Bullish Pattern Confirmed
Crypto analyst Jelle highlighted that the price recovery from a dip below the psychological $60,000 level has locked in a “higher low” (HL), a bullish signal when combined with a “higher high” (HH) established in late September when Bitcoin broke above $65,000. This pattern is seen as a strong indicator of an uptrend continuing.
Golden Cross in Play for Bitcoin
Another analyst, Titan of Crypto, pointed to an upcoming golden cross in the weekly chart, a bullish crossover where the 50-day moving average surpasses the 200-day moving average. Historically, this pattern has preceded significant rallies, including last year’s 145% surge.
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Both analysts agree that the $60,000 level is a crucial support, and the locked-in bullish pattern suggests that Bitcoin could continue its upward trajectory, with increased optimism among traders and investors.
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