Bitcoin's sudden surge to $28,000 has convinced market analysts that the sell-off is almost over and a recovery into a bull market is beginning. This rally has changed the technical aspect of BTC price, reducing the chances of another dip below $25,000 support/resistance.

The spike in trading volume was due to Grayscale Investments' win against the SEC, which permits them to convert their Bitcoin Trust product to a spot Bitcoin ETF upon approval. JPMorgan Chase & Co. believes that the crypto winter is almost over, with liquidations of long positions largely behind us and limited downside for crypto markets over the near term.