Bitcoin price has been able to recover from the lows of $80,000 to reach an intraday peak at $85,120.
Bitcoin is a currency that some traders think will be able to outperform the dollar (BTCThe technical indicators of the stock were oversold, and it was time for a rally. They warn that if bids near recent lows fail to be sustained by new buyers or negative macroeconomic newsflow BTC’s recent lows are likely to be revisited.
JJ, HighStrike’s head of crypto and options trading JJ had a very different opinion. noting The following are some examples of how to use “Coinbase spot bids” were “filled,” Representing the Other “first flip of bids outweighing asks now since the September bottom at $52,000.”
Bitcoin bids are filled at Coinbase. JJ The Janitor
Many analysts say, regardless of Bitcoin’s short-term performance, that the historical data shows the recent drop as an excellent opportunity to buy.
Wintermute trader Jake O said,
“For anyone with long-term conviction in the space, the current disconnect between positioning/sentiment vs fundamentals has never looked better. The setup feels similar to August 2024 as spot dipped below $50K on mass liquidations and I do think we’ll see large topside trading over the next few sessions.”
Crypto Fear & Greed Index. Source: Jake O/X
Related: Bitcoin rebounds to $84K — Analysts say BTC crash was ultimate buy signal
Aksel kibar, a chartered market analyst from Turkey offers a perspective on the technical side of things. described Bitcoin has surpassed the $78,000 mark as an a “sharp retest” But declined to comment on whether or not a bottom price had been reached.
Bitcoin 1 day chart Bitcoin 1-day chart.
Technical and momentum traders will want to note the fact that the Bitcoin daily RSI is still in oversold conditions, and despite today’s strong rebound, there are lower highs, lower lows, on the daily candlestick patterns. If you fail to create a candlestick with a higher top, it could indicate that the downward trend is still not complete.
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Source: cointelegraph.com
