After navigating through a challenging two weeks marked by a significant 21% price dip, Bitcoin (BTC) staged an impressive comeback, concluding the last week on a positive note.
The flagship crypto’s strong performance resulted in the formation of a Doji Hammer candle on the weekly chart, indicating a possible bullish reversal.
This resurgence has successfully pushed Bitcoin’s price back into its previous trading range of $41,300 to $45,000.
Keith Alan, co-founder of Material Indicators, emphasized the importance of this pattern, suggesting, “Looks like we have a Doji Hammer candle forming on the BTC Weekly chart. That typically indicates a bullish reversal is coming. […] If we do indeed print a Hammer, Bitcoin bulls will need to overcome resistance at the bottom range of the Golden Pocket to have a chance at a meaningful move to retest the $44k–$45k range.”
However, the crypto market is currently bracing for the impact of the first Federal Open Market Committee (FOMC) meeting in 2024. Bitcoin dropped below $42,300 at the writing time.
