The #Bitcoin recovered to US$69,000 yesterday, and the recovery coincided with data showing a steady accumulation by smaller holders in February. Some analysts say the breakout could evolve into a broader bullish trend, although other data suggests a longer period of price consolidation will underlie the emerging bullish trend.

If BTC remains above this recovered level, the next internal liquidity zones are near US$71,500 and US$74,000. The 50 and 100 period exponential moving averages are now compressing below the price on the one-hour chart, reinforcing the possibility that short-term momentum will continue.