Bitcoin (BTC) recently staged a notable recovery, reclaiming the $69,000 mark following a period of heightened volatility. However, despite this short-term upward momentum, technical analysts remain cautious as the broader chart structure continues to exhibit bearish characteristics. The recent bounce is viewed by many as a ‘relief rally’ rather than a definitive trend reversal. Key technical indicators, including the Relative Strength Index (RSI) and moving average convergences, suggest that buying pressure is weakening as the asset nears significant resistance zones. Furthermore, the failure to decisively break and hold above the $70,000 psychological barrier indicates that sellers are still in control of the higher timeframes. Market data shows a lack of sustained spot buying volume to support this leg up, raising concerns of a potential ‘dead cat bounce.’ If Bitcoin fails to maintain its current support levels, analysts warn of a potential retracement toward the $64,000 or even $60,000 liquidity pools. Investors are advised to keep a close eye on closing candles and volume profiles before declaring the correction over.
Source: Bitcoin Bounces to $69K, But Charts Are Still Bearish: Analysis
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