Bitcoin is back above $66,000 just days after the halving, suggesting that the drawdown period for BTC price may be over.

Bitcoin breaks above $66,000

Bitcoin reclaimed the $66,000 mark on April 22, which could signal a change in market sentiment that could lead to the end of the current price correction, according to Kristian Haralampiev, structured products lead at Nexo. He told Cointelegraph:

“Traditional finance markets opened relaxed on the back of tension in the Middle East, with risk-on assets going up, while gold opened lower. The increase in open interest across derivatives, along with higher levels of leverage and positioning in the options markets suggests a catch-up rally may be in the making.”

Bitcoin reclaiming the $66,600 mark on the four-hour chart could signal that BTC price is turning bullish, according to an April 22 X post by popular crypto analyst Trader Alan:

“This breakout is associated with "higher lows into the resistance" pattern and [relative strength index] RSI breakout simultaneously. This tells us the buying power has developed and a strong LTF bottom has formed. This leads to further bull run.”