Can a potential stock market bottom send Bitcoin rallying back above $60K?
BTC/USD versus XAUUSD and S&P 500 daily price chart. Source: TradingView"significant buying pressure" in the market, adding that its downtrend might be heading towards exhaustion.
Miles highlighted Bitcoin's recent upside retracement moves upon testing levels near $34,000 as support. For instance, on Jan. 24 and Feb. 24, BTC's price formed a bullish hammer candlestick on its daily chart, hinting at a U-turn during an established downtrend.The same bullish hammers appeared last year in May and June, with their bottoms sitting below the key support level of $30,000.
"The key difference between the current range and the range we had previously at 46k is we are now seeing significant buying pressure when we visit the lows," the analyst tweeted Monday, adding:Buying pressure at the lows on equities. Bottom forming a clear possibility. Acceleration out of here possible we could also sweep the lows once more but expect buyers to step in again.