Bitcoin shows signs of stabilization following a recent market downturn, as developed by analyst John Bollinger. According to him, the cryptocurrency may be forming a W-bottom reversal pattern.
Bitcoin Recovers After Sharp Decline
During the recent market downturn, bitcoin tested an important support level indicated on Bollinger's charts. On April 7, bitcoin hit its lowest point at $74,415. The cryptocurrency market fluctuated alongside general declines in stock prices.
Current Price Levels Indicate Recovery Signs
Currently, bitcoin is trading at $79,508 after recovering from an intraday low of $78,669. While still down nearly 27% from its January high near $109,000, the price action appears to have stabilized.
Long-Term Investor Confidence Remains Strong
Despite the recent correction, over 85% of bitcoin holders remain in profit, indicating continued investor confidence in the long-term value of the cryptocurrency.
While some analysts predict a potential decline in bitcoin, the majority of its holders continue to show confidence, which may support further recovery.
