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Bitcoin has surged above $75,000, extending a powerful rebound that has taken the largest cryptocurrency from below $60,000 to its highest level since late May.
The rally has accelerated sharply this week, with BTC gaining roughly 20% over four days.
Over the 24 hours, BTC has gained more than ETH and SOL.
Room for more upside?
Popular trader DonAlt has responded to the latest Bitcoin move by pointing to the cryptocurrency's reaction from major support.
"Very good reaction from support finally," DonAlt said. The prominent pseudonymous trader argues that the recent low could prove to be the bottom of the current cycle.
He has noted that $82,000 is the first resistance level and $95,000 is the first "actually good resistance." Bitcoin could have considerable room to run before encountering a major technical obstacle.
That said, the trader stopped short of declaring the bottom confirmed, not completely ruling out a potential bull trap.
However, according to Weiss Crypto, Bitcoin has finally crossed a long-term downtrend line after spending nine days trading around it.
Greed makes a grand return
Bitcoin's recovery has quickly led to a major change in market sentiment.
The Bitcoin Fear and Greed Index has already moved into the greed zone, with a reading of 72. This has happened despite the fact that BTC remains roughly 40% below its record high of about
The sentiment change was possible due to Bitcoin's strongest short squeezes of the year. As reported by U.Today, more than $3 billion in bearish positions were liquidated during the initial breakout.
More volatility?
The recent breakout came on the verge of a significant options expiry. Coinbase Markets said Friday's BTC and ETH options expiry carries approximately $2.01 billion in combined notional open interest. Bitcoin accounts for about $1.67 billion, with a max-pain level around $66,000. Ethereum represents roughly $345 million with max pain near $1,960.
U.Today Editorial Team
Dan Burgin
