Ah, the Bitcoin sell-off, a melodrama that has gripped the hearts of many, seems to be taking a breather. The price, like a timid child, has ventured back into the $80,000 playground, reaching a dizzying high of $85,120. How delightful! 🎉
Some traders, those eternal optimists, believe that Bitcoin (BTC) was simply overdue for a bounce, as if it were a rubber ball that had been neglected for too long. Yet, they caution that once the bids are filled near the recent lows, if new buyers fail to join the party or if the ominous clouds of negative macroeconomic news roll in, BTC might just revisit its recent lows. A rather dreary thought, isn’t it? ☔️
Meanwhile, JJ, the head of options and crypto trading at HighStrike, has a different perspective. He notes that “Coinbase spot bids” have been “filled,” marking the “first flip of bids outweighing asks since the September bottom at $52,000.” A glimmer of hope, perhaps? Or just a mirage in the desert of despair? 🌵
Regardless of the short-term price antics, many analysts insist that historical data paints the recent drawdown as a golden opportunity for purchasing. Ah, the sweet scent of opportunity wafting through the air! 🍞
On X, Wintermute trader Jake O muses,
“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.”
From a technical standpoint, chartered market analyst Aksel Kibar describes Bitcoin’s sweep of the $78,000 level as a “sharp retest.” However, he refrains from declaring whether a price bottom has been achieved. A classic case of “let’s wait and see,” isn’t it? ⏳
Momentum and technical traders should take note: Bitcoin’s daily RSI remains in the depths of oversold territory. Despite today’s valiant rebound, the daily candlestick pattern of lower highs and lower lows looms ominously. Should the daily close fail to generate a higher high, it could be an early sign that the downtrend is far from over. A cliffhanger, if you will! 🎭
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2025-03-01 01:17