The price of Bitcoin has risen by 1.71tpt3t to $66,119 in the past 24 hours, with trading volume surging by 131tpt3t to $19.93 billion as of 7:05am ET. The rise coincides with CoinShares’ announcement that cryptocurrency mining companies may begin exploring artificial intelligence (AI) to improve returns after costs surged following the Bitcoin halving. Mining companies like BitDigital (BTBT), Hive (HIVE), and Hut 8 (HUT) are said to have already profited from AI. TeraWulf (WULF) and Core Scientific (CORZ) also have AI operations or plan to expand into the field. The Bitcoin halving is an event that happens every four years and cuts the Bitcoin supply growth rate in half by 501tpt3t.
Bitcoin price rebounds on double bottom pattern
Bitcoin price is showing signs of a turnaround in its long downtrend from highs of $73,000. It has formed a double bottom pattern, suggesting that the trend could turn to a more positive direction.
The bulls showed resilience at the $60,440 support area and pushed the price to $66,540. The increased momentum could propel the price above this level to recapture its all-time high of $73,737.
Technical indicators show that the price has surpassed the 50-day simple moving average (SMA). However, bulls need enough strength to push the price above the 200-day SMA on the 4-hour chart to confirm the overall uptrend. The relative strength index (RSI) is also showing a gradual uptrend from the oversold level of 30, rebounding above the 50 mid-line level to reach 61. The increased momentum should push the RSI back into the overbought zone.
Bitcoin price bulls ready to rally again
Bitcoin price bulls seem ready to rise again. The recent green candle from the $60,440 support area indicates a bullish trend reversal, forming a double bottom pattern. If all goes as expected, this could push the price above the $0.07281 level in the coming weeks, triggering a wave of bullish moves.
Conversely, if the bulls fail to break out of the 200-day SMA, the bears will use the opportunity to exert downward pressure for a corrective phase. This will force the bulls to retreat to the $63,700 support area, which coincides with the 50-day SMA.
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