Bitcoin is rebounding off the back of a relief rally after hitting some of its most oversold levels ever.
Notable Statistics:
- Coinglass data shows 102,093 traders were liquidated in the past 24 hours for $608.09 million.
- SoSoValue data shows net outflows of $325.7 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net outflows of $4.8 million.
- In the past 24 hours, top gainers include Audiera, DeXe and Lighter.
Notable Developments:
Trader Notes:
Crypto Bully explained Bitcoin briefly tapped $60,000, a heavily watched support level, and held firm as short sellers took profits, helping fuel a rebound. Market panic around Strategy’s STRC and fears of large-scale Bitcoin sales by Michael Saylor eased after Saylor instead added to his Bitcoin position.
The next key resistance sits around $71,000-$72,000, aligning with the monthly open.
A rejection there could trigger a pullback, while a breakout above that zone would increase the odds of Bitcoin taking out its range highs.
Trader KillaXBT expects Bitcoin to trade sideways for the next several months rather than stage a sharp V-shaped recovery. Historically, bear market bottoms have involved extended periods of consolidation and range-bound trading before a sustainable uptrend emerges.
As a result, any near-term rallies are likely to be “shallow”, with the market needing more time to build a base before a stronger trend reversal can develop.
Image: Shutterstock
