Bitcoin hit multi-day highs of $58,300 overnight into Nov. 25 with investors betting on the reduced likelihood of a further major price dip.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging above $57,000 Thursday, printing a higher low on the daily chart.
This, trader and analyst Rekt Capital believes, shows support “solidifying” at current levels, with hope, therefore, remaining of a more convincing trend reversal.
“Bitcoin has certainly solidified its support here, producing a long downside wick into the bottom of the black wedging structure and rebounding strongly,” he told Twitter followers.
“We are betting that the market will consolidate instead of breaking lower.”