Bitcoin Relief Bounce Faces Key Hurdles, Analysts Say
Bitcoin recovered from a dip below $60,000 on Friday, trading near $62,194, but analysts caution that this is a relief bounce within a broader bear market rather than a trend reversal. HEX Trust analysts stated that BTC needs to reclaim $79k-$80k for a regime shift, otherwise any rally below that is corrective. FxPro's chief analyst Alex Kuptsikevich suggests a recovery to $68,000 could be considered a rebound from recent downward momentum. The recovery hinges on ETF flows and macro factors: U.S. spot bitcoin ETFs saw over $5 billion in redemptions in the past four weeks, with another $91 million outflow on Monday. Wednesday's U.S. inflation data is expected to show CPI above 4%, likely keeping Fed policy tight. Until ETF outflows reverse and inflation softens, bearish pressure remains. The MACD histogram shows bearish momentum strong, with a trendline support that may break soon, potentially retesting recent lows.
Key facts
- Bitcoin bounces from below $60,000 but remains under $62,200.
- HEX Trust: BTC needs to reclaim $79k-$80k for trend reversal.
- Spot bitcoin ETF outflows exceed $5 billion in four weeks.
- Wednesday's CPI data expected above 4%, keeping Fed hawkish.
- MACD histogram shows strong bearish momentum, trendline support weak.