Bitcoin Reclaims Bull Market Trendline Above $63K

The price of Bitcoin has recovered above $63,000 after a bearish week, and some analysts believe this could be the start of a rally.

Looking at the 4-hour time frame for BTC, it's clear that after correcting down to $62,500, the price shot back up to hold above the bull market trendline once again, just as happened on previous occasions.

The daily time frame shows an inverse head and shoulders pattern forming, which could potentially reach a measured move of $76,000 if completed.

However, some caution is advised as 76 days of sideways price action could also suggest the accumulation period before the next leg down.

The breakout of the bear market trendline instead of a rejection lends more to the thesis of an impending rally, and both the Stochastic RSI and RSI indicators are leaning towards the bullish thesis.