Bitcoin Green Finally Flashes on Weekly: Is BTC Out of the Bearish Woods?

The burning question on every crypto investor\'s mind: is Bitcoin (BTC) finally free from the clutches of the bearish market? Recent developments suggest a potential shift, with signs of "Bitcoin green" flashing on the weekly charts. The gains of the last eight weeks have completely washed out a year of intense bearish headwinds and have seen the Bitcoin price completely recover all its losses.

Bullish Signals Emerge: Analysts Optimistic

Market analysts are optimistic about further uptrends for Bitcoin as recent trends and bullish signals emerge. Crypto analyst Trader Tardigrade is closely watching these developments. Yesterday, following the $68,375 peak, Bitcoin briefly experienced volatility, but quickly recovered. This resilience is fueling positive sentiment.

Technical Analysis Points Upward

Technical analysis provides further insights. Bitcoin prices have struggled under a descending resistance trend line since the high. More recently, the trend line caused a rejection on Feb 21 (black icon), creating a specific pattern. The MRGO has been hovering around a critical level over the last couple of days, indicating potential momentum shifts. Consequent higher/lower peaks indicate increasing momentum to the upside/downside, respectively, a crucial factor to monitor in the coming weeks.

Approaching $100,000 Again?

The Bitcoin price is once again approaching the $100,000 mark after its latest 4.75% surge this past week. Amidst its price recovery, many are speculating if this bullish run has enough steam to break through key resistance levels and sustain its upward trajectory.

While caution is always advised in the volatile cryptocurrency market, the emergence of "Bitcoin green" and the confluence of positive indicators suggest that BTC may indeed be emerging from the bearish woods. Keep a close watch on key resistance levels and overall market sentiment to make informed investment decisions.