Bitcoin traded as high as $73,000 after a 9% price surge last week. However, the broader market suggests that the leading cryptocurrency is still stuck in a bear market that has dragged on for more than six months. Interestingly, historical data suggests that recent price movement could trigger a significant bullish rebound, providing investors with a period of medium to long-term relief.

Bitcoin is approaching a key support level as the historic Bulls Eye recovers

In Post X On April 11, renowned analyst Ali Martinez shared a positive observation on the Bitcoin price chart, highlighting the cyclical price augment. It is worth noting that this price augment is due to a retest of a specific long-term uptrend line in a longer correction period, which can be observed. Martinez calls this ascending trendline the “Parabolic Guard,” describing it as perhaps the most consistent technical level in Bitcoin history. Over the last 10 years, a price retest of this support line has consistently been preceded by a huge rebound. In 2017, Bitcoin’s exposure to this trend line resulted in a staggering 961% augment in the following months.

This is probably the most respected technical line in Bitcoin $BTC history. For almost a decade, this ascending trendline acted as a “parabolic guard.” Each touch has historically preceded massive expansion:

• 2017: +963% • 2018: +261%• 2020: +1126% • 2022:… https://t.co/uIDjVPVIyx pic.twitter.com/QloO6k66OO

— Ali Charts (@alicharts) April 11, 2026

A similar event was observed in 2018; however, this resulted in a lower efficiency of 261%. In 2020, Bitcoin’s retest of the Parabolic Guard sent prices up 1,126% before the bear market began in 2022. The bullish condition was met again later in 2022, leading to the 660% rally seen over the past four years. According to Martinez, the historical uptrend line is currently between $56,000 and $60,000, which is about 20% below the current market price. Interestingly, the current cycle low is around $60,000, which Bitcoin formed following the intense market sell-off in early February.

According to Martinez’s latest post, the market will likely need to bottom out to end the bear market and begin a long-term recovery. The prominent analyst also explains that Bitcoin’s exposure to Parabolic Guard would sluggish down shrewd money accumulation in anticipation of another price surge.

Bitcoin market overview

At the time of writing, Bitcoin was trading at $71,508, after losing 1.81% in the last day. Meanwhile, daily trading volume dropped by 27.35% and is valued at $26.35 billion. According to CoinCodex dataoverall market sentiment is very bearish, while the Fear and Greed Index remains in the extreme fear area. Nevertheless, CoinCodex analysts expect the Bitcoin market rebound, fueled by easing geopolitical tensions, to hold for now, with a price forecast of $79,729 over the next five days.

Featured image from Freepik, chart from Tradingview