The U-shaped recovery in the Bitcoin price revealed the formation of a rounding bottom pattern. In theory, this bullish reversal pattern indicates a slow yet sustained recovery, which soars the assets price higher. Though the BTC price is currently struggling to surpass the local resistance of $17300, this bullish pattern may bolster buyers to achieve even higher price levels.
Key points:
A rounding bottom recovery in the current leading the ongoing recovery in the BTC price
A bullish breakout from $17280 will trigger a 5% price jump
The intraday trading volume in Bitcoin is $16.2 Billion, indicating a 1.5% loss
Source-Tradingview
During mid-December of 2022, the crypto market struggled through uncertainty, causing the Bitcoin price to hover above $16340 support. Though this narrow consolidation price created a stagnant market sentiment, the BTC price confirmed its sustainability above the $16340 support.
Thus, amid the new year recovery in the market, the coin price rebounded from the
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