Bitcoin's price has dipped 1.85% in the last 24 hours and is currently 17% below its all-time high of $73,835. Despite this, Bitcoin traders are optimistic about a trend reversal. Data shows Bitcoin's price fluctuating between $60,648 and $62,800 in the last 24 hours. Analysts note that the current price range is retesting an area that previously acted as resistance, which is now acting as support. This pattern has occurred twice before, in 2017 and 2020, and was followed by a parabolic uptrend. Bitcoin whales have also been accumulating more BTC, indicating confidence despite the price drop. Furthermore, BTC balance on exchanges has reached a five-year low, suggesting investors are holding onto their tokens in anticipation of a price increase.