A strategic support tested by Bitcoin could be the signal that many were waiting for a new phase of price discovery, according to the echo of the dynamics seen in November 2024, when the price rose from $70,000 to $108,000 after a similar technical structure.
Why is the current support of Bitcoin so relevant?
The most discussed parallel at the moment is with the confirmation of support that occurred in November 2024. At that time, after breaking a strong resistance, Bitcoin had confirmed the holding of the area around $70,000, paving the way for a rally of over 50%. The current retracement is attracting the attention of traders like Galaxy, for whom the chart configuration suggests that history might repeat itself.
On Bitcoin now the issue is the holding of a trendline that, unlike the one in November, is ascending and not descending. In case of success in consolidating above this line, many analysts expect a new phase of price discovery. The key support monitored in recen
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