Analyst: BTC could see V-shaped rebound if it reclaims $70K

A V-shaped rebound for Bitcoin is possible if it reclaims the $70,000 level, Cointelegraph reported. Crypto influencer Ted Pillows suggested that while a failure to hold the $65,000 to $66,000 support zone would heighten the risk of a larger correction, a move back above $70,000 could trigger a rapid surge of 8-10% or more. He added that a V-shaped rebound pattern is currently forming on the BTC/USD 4-hour chart, with the price retesting a strong resistance area around $68,000, near its 200-week exponential moving average (EMA).