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Bitcoin (BTC) has seen increased activity in recent days, drawing investors back to the market. The positive daily candle closures on the largest cryptocurrency’s daily chart indicate that the bulls have taken control.
Bulls Regain Control in Bitcoin
Recently, Bitcoin closed a daily candle above the $61,000 level, instilling confidence in investors. This candle closure is considered a critical sign for the upward movement of the cryptocurrency market. Additionally, Bitcoin’s approximately 25% rise from the $49,000 level proves the bull market is strengthening.
Experienced cryptocurrency analyst Captain Faibik emphasized that the bear market has lost its influence and the bulls have regained control. Currently, investors are observed to be buying again. The rapid recovery seen in the charts supports this.
The price chart shared by the analyst shows that Bitcoin has bounced from strong support levels, forming an upward trend. This movement from the $49,000 level has renewed investor confidence and helped dissipate 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, the BTC/USD trading pair is approaching a long-term resistance trend line. If this level is broken, the largest cryptocurrency is likely to attempt new highs. Currently, Bitcoin’s all-time high is at $72,750.
Investors should remain cautious and aware of the risks in the highly volatile cryptocurrency market, even if a new record is set. Especially geopolitical and macroeconomic developments can quickly change the atmosphere, overturning expectations.
