Bitcoin (BTC) price has rebounded by over 11% from the April. 7 low of $74,400, and analysts believe that onchain and technical indicators point to a sustained recovery.
According to popular analyst AlphaBTC, Bitcoin will see a sustained recovery if it holds above $81,500.
Bitcoin price reclaimed the $80,000 psychological level after retesting the “weekly open and filling in some of the inefficiency left by the Trump 90-day pause pump,” the analyst said in an April 10 post.
“I really want to see it back above 81.5k soon, and we may see a bit more sustained upside as shorts get squeezed.”
BTC/USD four-hour chart. Source: AlphaBTC
Similar sentiments were shared by fellow analyst Rekt Capital, who said that Bitcoin needs to produce a weekly close above $80,500 to increase the chances of recovery.
“Bitcoin has recently