Bitcoin Recovers Above $63K: Could a Rally Be Next?

Despite bearish price action more or less throughout last week, the $BTC price has started brightly on Monday, recovering some of the lost gains, and getting back above the key bull market support trendline. Could we be in for a rally into the low $70K region as Bitcoin potentially takes advantage of its trendline breakout?

$BTC price regains bull market trendline

Source: TradingView

What we notice when looking at the 4-hour time frame for the $BTC price is that after the correction down to $62,500 the price shot back up to hold above the bull market trendline once again, just as happened on previous occasions.

As things stand, the price is above both bear and bull market trendlines - a good place to be. That said, it may be that the price chops sideways some more, but as long as higher lows continue to be recorded, a strong base is being built ready for a potential rally to the upside.

Inverse head and shoulders pattern still a possibility

Source: TradingView

The daily time frame shows us that the inverse head and shoulders pattern is still forming, although the right shoulder is becoming rather stretched. Unless the $BTC price moves to the neckline a bit quicker, it could be that this pattern fizzles out. If the pattern does complete, the measured move to the upside would be to $76K.

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