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

ChainCatcher news, according to CoinJournal, Bitcoin has rebounded over 11% from the 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 key support for the price.

Analysts indicate that if BTC can break through the resistance level of $90,000 with high trading volume, it will confirm the W bottom pattern, with a target price potentially reaching $106,000. On-chain data shows that as realized losses decrease, selling pressure is weakening.