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The Bitcoin (BTC) price has just touched an intraday high of $5,928 after rallying 12 percent. The leading cryptocurrency was short of reaching the $6,000 level before it shed some of its impressive gains.
Bears in disbelief
This surge was nothing short of surprising for bears who were certain that Bitcoin would plunge below $5,000. As reported by U.Today, the top cryptocurrency was forming a bearish pennant, signaling that the downtrend was set to continue.
Now, according to crypto trader Big Cheds, this bearish narrative has flown out the window. BTC is still stuck within an ascending triangle, but it could be still treated as a continuation pattern.
A long way to go
Bitcoin has, so far, only managed to make up for slightly more than 50 percent of its gargantuan losses. The flagship cryptocurrency tanked by 38 percent one week ago.
While it's tempting to assume that Bitcoin might be on track for a trend reversal, it is still not clear whether it has decoupled from the U.S. stock market. Considering that all major indexes are currently in the red, this BTC rally might end up being short-lived.