Bitcoin (BTCUSD) almost hit today (so far) its 10-month Low of the April 07 2025 Low (Support 1). It did so after a very disappointing 2-week bearish streak where it initially had a crystal clear 1D MA100 (green trend-line) rejection, followed by two on the 1D MA50 (blue trend-line).
The pattern is technically quite similar to the January - March 2025 Channel Down correction that led to the April 07 bottom. With the 1D RSI turning massively oversold in the process, hitting the 23.50 Support, where both the November 21 2025 and February 26 2025 Lows were priced, it is possible to see a rebound to test the 1D MA50 at least, again.
Since however this is a Bear Cycle and not just a short-term correction within a Bull Cycle, we don't expect a sustainable rally like April - May 2025 but rather a prolonged sideways volatile price action, that could retest the 1D MA100 even before making a new Low and start Phase 2. For now, at least, a rebound to $87000 seems like a technical probability.
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