The rebound does not change the bear market trend of Bitcoin.

Winkelmann

Cryptocurrency

Summary:

Bitcoin has seen a short-term rebound, but the bear market trend remains intact.

SELL BTC-USDT

EXP

TRADING

61685.2

Entry Price

60000.0

62700.0

61210.0 +131.0 +0.21%

0.0

Pips

Flat

60000.0

Exit Price

61685.2

Entry Price

62700.0

Fundamentals

Recently, peace talks between the United States and Iran have made breakthrough progress, market risk sentiment has continued to improve, and risk assets such as US stocks and Bitcoin have seen a strong rebound.

However, Bitcoin and its ETFs have been subject to continuous sell-offs and capital outflows over the past few months, and cryptocurrencies are also facing new regulatory tightening in the EU, making it difficult to improve the short-term predicament.

Technical aspects

The rebound does not change the bear market trend of Bitcoin_1

From the 1-hour chart, BTCUSD is in an overall downtrend. After breaking through the support near 62,200 in the short term, it accelerated its decline again and is currently in an oversold rebound. The price has reached the support-resistance conversion zone, and the possibility of a second bottom and a break below the 60,000 mark cannot be ruled out.

In terms of trading strategy, one can try shorting when the rebound is weak. Sell short around 62,000, with a target around 60,000 and a stop loss above 625,000.

Trading advice

Trading direction: Short

Entry slots: 62,000

Target position: 60000

Stop-loss level: 62700

Downside support levels: 60000/59200

Upward resistance levels: 62200/63000

Risk Warnings and Disclaimers

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