Gate News message, April 24 — According to BIT on Target’s weekly report, Bitcoin’s bear market phase may be nearing its end as multiple technical signals across different timeframes are forming a convergence pattern. The weekly stochastic oscillator has retreated to levels not seen since January 2023, which historically corresponds to market bottoms, and the trend model has shifted to a bullish stance with stronger continuation conditions compared to the previous two reversal signals.
Bitcoin is currently consolidating around $70,000 and gradually approaching the 21-week moving average, a key dividing line for bull-bear determination. The report highlights that $73,000 has served as an important watershed level since March 2024. A decisive break above and sustained holding of this level would further confirm the reversal signal.
On-chain capital flow data shows the latest monthly inflows reached approximately $1 billion, marking a significant improvement from the previous deep net outflow phase.
The report cautions that before price enters the target zone, upward momentum could still face disruption from periodic risk factors.
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