Bitcoin analyst James Check said bears are now under growing pressure as BTC extends its sharp rebound.
Bitcoin climbed back above $75,000 during late U.S. trading Thursday, marking the first time it had reclaimed that level since late May.
BTC was trading around $75,400, up approximately 8% over the previous 24 hours. Ether stood near $2,376, gaining 4.8%, while XRP was the strongest performer among major cryptocurrencies, rising 16% to about $1.29.
Check said Bitcoin had gone through different stages of capitulation, with February representing a period of price-driven selling and June reflecting prolonged time-based weakness. With BTC now recovering above $75,000, he said bearish traders are increasingly feeling the squeeze.
Bitcoin has gained about 19% over the past week, while Ether has advanced 25% and XRP has jumped 28%.
