Bitcoin's recent recovery has been promising following a bearish month. However, the sustainability of this rally is contingent on holding critical support levels. Crypto analyst Rekt Capital has highlighted $55,881 as a crucial level that Bitcoin must maintain to continue its upward trajectory.
Currently, Bitcoin has successfully defended the $53,250 bargain-buying area, demonstrating strength. The next vital step for bulls is reclaiming and holding the $55,881 level. If successful, Bitcoin could potentially rise above $60,000 again and even reach new all-time highs, according to Rekt Capital.
Sentiment is also improving, as another analyst, Cousin Crypto, indicates that Bitcoin might be nearing its bottom. Notably, Bitcoin has made its first higher low in 200 days, potential Federal Reserve rate cuts, and the extreme fear sentiment in the market all point to a bottom. If these signals are correct, Bitcoin's next move could see its price climbing above $60,000.
