Bitcoin (BTC) is currently priced at 82,401 USD, reflecting a 5% rise in just 24 hours. The cryptocurrency rallied impressively from a low of 76,450 USD to a peak of 83,786 USD, indicating positive market sentiment.
Technical analysis reveals multiple bullish divergences on both short and long-term charts. This suggests that buying momentum is strengthening, potentially reversing the overall bearish trend.
Bitcoin has formed an inverse head and shoulders pattern on the hourly chart, with a projected target of 89,000 USD if the resistance at 83,800 USD is breached. However, a drop below 78,500 USD could invalidate this bullish setup.
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