Bitcoin briefly dipped below $59,000 overnight, but rebounded to regain the key $61,000 level in a rapid V-shaped recovery. Historical data shows that similar quick recoveries at 30-minute resolution have consistently led to higher or sideways trades, with few instances of further declines.
Bitcoin V-shaped recovery October 11th (TradingView)
Last week, Bitcoin fell from $62,000 to around $61,000, but then quickly rebounded and traded above $61,000 for several days, eventually reaching $62,800.
Bitcoin V-shaped recovery October 4th (TradingView)
In late September, Bitcoin similarly fell to $63,800 before forming a V-shaped recovery and soaring to $65,400.
Bitcoin V-shaped recovery September 25th (TradingView)
Earlier in the month, on September 11, Bitcoin fell from $56,600 to $55,700, but recovered within just two hours and regained its position near $60,000 over the next two days.
Bitcoin V-shaped recovery September 11th (TradingView)
This pattern can be traced back to August, when Bitcoin experienced a significant drop from $52,800 to $49,700 on August 5th. A V-shaped recovery that afternoon pushed prices back to $54,000, and the momentum continued over the next two days, pushing prices higher. Up to $58,000.
Bitcoin V-shaped recovery August 5th (TradingView)
Today’s break below $59,000 and subsequent possible retread of the $61,700 resistance level suggests that Bitcoin is once again following the familiar pattern of rapid recoveries and gains, and suggests future price action. The significance of these sharp rebounds in implications is reinforced.
Although past performance is not indicative of future results, the recurring nature of such recoveries indicates potential stability or bullish momentum following such sharp declines. Monitoring Bitcoin’s movement within this period can provide insight into potential market movements in the coming days.
This pattern has been observed since at least June of this year, especially after the launch of the Bitcoin Spot ETF, suggesting that 30-minute resolution is an important indicator for assessing Bitcoin’s short-term market movements. There is.
This data supports the idea that investors need to continue paying attention to short-term patterns, especially on shorter time frames, to gauge Bitcoin’s short-term trajectory.
