BTC Price Analysis: A Quick Look
Recently, Bitcoin experienced a sharp correction, plunging 10% to $66K amid Fed fears and ETF outflows, but now it's rebounding with a 3% gain, sparking talks of a market rally as whales accumulate.
Current Price and Trends
• Price: $68,049 USD, up 3% in the last 24 hours.
• Recent low: $65,550.
• Short-term: Up 3% today, but down in broader trends
• Volume: High at over 69,000 BTC, suggesting strong buyer interest after the dip.
Technical Overview
• Bearish signals: Price below moving averages (7-day at $68,924, 99-day at $71,338) with a recent descending trendline.
• Positive hint: Rebound from low with increasing green candles; potential RSI oversold recovery if volume sustains.
• RSI (14-period): 61.3, indicating a buy signal as it's moving from oversold territory.
• MACD: Line at 674, showing buy action with positive momentum.
Suggested Buy Point: $65,000-$66,000
This is a key psychological level from recent lows and aligns with support zones in the chart. If $68K holds, a bounce here could push to $70K+ if market stabilizes and whales continue accumulating amid ETF inflows and macro shifts.
With this rebound, could we see a full #MarketRally kicking off?
Oversold conditions and whale buys suggest yes, but watch for sustained volume above $70K to confirm.
