Recent price movements in the Bitcoin market have garnered global attention from traders. Market analyst Crypto Rover has identified bullish divergences in Bitcoin's four-hour timeframe, indicating resilience and a bounce back from crucial horizontal support levels.

Analyzing Bitcoin's current chart patterns, Crypto Rover has noticed a consolidation phase with a falling wedge pattern, typically preceding significant upward movements. The breakout could potentially lead to price targets of up to $71.4k.

It is important to note Bitcoin's current status and support levels, particularly the critical green support zone. Breaking above the upper boundary of this zone, which serves as a resistance level, is crucial for Bitcoin's performance.

Consolidation Phase and Potential Results

Bitcoin is currently in a consolidation phase, moving between key highs and lows. Any breakout from this phase could result in significant price volatility. However, a decline below $58,000 would suggest a negative trend for Bitcoin.

Recent data on the S&P Bitcoin ETF has shown continual outflows, with around $58 million exiting the ETF. Despite this, there has been a slowdown in outflows since mid-March. In contrast, the Black Rock Sport ETF has been seeing substantial inflows daily.

While the ETF outflows are a point of interest, it is essential to focus on Bitcoin's market dynamics. Maintaining crucial support levels, including the green support zone, is vital for Bitcoin's price action. Breaking above resistance levels is key to sustaining bullish momentum as Bitcoin consolidates between major highs and lows.