Once Bitcoin price clears this critical stumbling block, it’s on to new highs, with the Taproot update in the spotlight.

Bitcoin’s price is beginning to rebound in anticipation of the Taproot update.
The price of bitcoin fluctuates in a rising wedge, with strong bids centered around $63,000.
Acceptance over $65,500 is required for BTC bulls to pursue new highs.

On Sunday, Bitcoin is trading in the green for the second day in a row, as weekend love for the pioneer cryptocurrency returns.

The most popular digital asset has fallen drastically from all-time highs of $68,998 in the last week, owing to profit-taking and capital rotation into inferior altcoins.

The rejection of the VanEck Bitcoin spot ETF by the Securities and Exchange Commission (SEC) also contributed to the decline in BTC price.

The fresh upswing, on the other hand, began at $62,500, when BTC purchasers piled in ahead of the Taproot upgrade on November 14. This upgrade focuses on expanding the Bitcoin network’s smart contract capabilities while also improving network privacy.

At the time of publication, Bitcoin was trading at $64,800, up 0.55 percent. The world’s most popular cryptocurrency gained 5% in a week.