Bitcoin 
BTCUSD has increased by more than 11% since the low of $74,400 on April 7. Analysts suggest that both onchain and technical indicators indicate a potential for a prolonged recovery.
As per renowned analyst AlphaBTC, Bitcoin’s recovery will likely be sustained as long as it remains above $81,500.
According to the analyst’s April 10 update, Bitcoin managed to reclaim the crucial $80,000 level after retesting the “weekly open and addressing some of the inefficiencies left by the pause during Trump’s 90-day pump.”
“I hope to see it back above 81.5k soon, potentially leading to a more sustained upward movement as shorts get squeezed,” the analyst stated.
In similar sentiment, analyst Rekt Capital indicated that Bitcoin must generate a weekly close above $80,500 to bolster recovery prospects.
“Bitcoin has just lost the red Weekly level, confirming that BTC is not yet out of the woods,” Rekt Capital noted in an April post on X.
“$BTC needs to stay above this red level until the Weekly Close to reclaim it as support.”
Potential Bitcoin price recovery could be driven by “seller exhaustion”
According to onchain data from Glassnode, Bitcoin investors are nearing a state of “near-term seller exhaustion,” reflected in the decreasing scale of realized losses.
Glassnode observed that the intensity of losses during recent drawdowns has diminished with each price drop in the 6-hour rolling window for realized losses.
“Bear markets are generally initiated by heightened fear and substantial losses,” Glassnode remarked in its latest Week On-chain report.
“This indicates that a form of near-term seller exhaustion may be starting to emerge within this price range.”
Bollinger Bands and a W pattern indicate potential new price heights
Following a five-month low of $74,400 on April 9, Bitcoin retested the lower boundary of the Bollinger Bands (BB) indicator, a level that has supported prices over the past five weeks, as shown by data from Cointelegraph Markets Pro and TradingView.
This signals positive potential for Bitcoin, according to John Bollinger, the creator of the Bollinger Bands volatility indicator. The indicator employs standard deviation around a simple moving average to assess probable price ranges and volatility.
Bollinger noted that Bitcoin might be forming a second low in a W-pattern formation—suggesting a double-bottom before a possible upward breakout—on the weekly chart.
“Classic Bollinger Band W bottom setting up in $BTCUSD,” Bollinger stated alongside a chart, adding that the pattern awaits “confirmation.”
In this scenario, Bitcoin’s drop to $76,600 on March 11 marks the first bottom, while the recent decline to $74,400 serves as the second.
If validated, BTC’s price could rebound from current levels toward the neckline of the W-pattern at $88,800, before moving toward the target of the prevailing price pattern at $106,000.
This article does not provide investment advice or recommendations. Every investment and trading action involves risk and readers should perform their own analysis before making any decisions.
