Bitcoin forms a W-shaped reversal pattern, BTC rebounds over 11% from the low.

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According to ChainCatcher news reported by CoinJournal, Bitcoin has rebounded over 11% from a low of $74,400 on April 7, and is currently approaching $84,000. Famous technical analyst John Bollinger has identified a potential W-shaped reversal pattern on the weekly chart. This pattern shows two distinct troughs: approximately $76,600 in March and $74,400 in April. The lower Bollinger Band is at $77,138, providing critical support for the price. Analysts indicate that if BTC can break through the resistance level of 90,000 USD with high trading volume support, it will confirm the W bottom pattern, and the target price may reach 106,000 USD. On-chain data shows that as realized losses decrease, selling pressure is weakening.

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