Bitcoin’s V-shaped recovery could put BTC on path to new all-time high — Analysts

A V-shaped recovery is a bullish pattern formed when an asset experiences a sharp price increase after a steep decline. It is completed when the price moves up to the resistance at the top of the V formation referred to as the neckline.

Bitcoin appears to be on a similar trajectory. It’s currently trading within the confines of the pattern at $60,431, 15% away from the pattern’s neckline.

“As long as Bitcoin holds above $57,500, I think we’re in for a new ATH in September/October.”

Supplier congestion at $62,000 has become a key Bitcoin price resistance hurdle, as evidenced by data from IntoTheBlock. Its in/out of the money around price (IOMAP) model shows that Bitcoin faces relatively stiff resistance in its recovery path compared to the support it enjoys on the downside.

The barrier at $62,900 lies within the $62,785 and $63,598 price range, where approximately 763,800 BTC was previously bought by approximately 1.64 million addresses.

Additional data from CoinGlass reveals massive ask orders building up around this level, reinforcing the significance of this level to bears.

The liquidation heat map above shows that there are around $46.63 million in ask orders sitting between the spot price and $62,000, adding to the stiffness of the resistance on the upside.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.