Bitcoin's Bounce Faces Resistance Risks

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2h ago

Should l Buy BTC?

Weak Rebound: Bitcoin's price has bounced near $60,000, but declining volume indicates fragile bullish momentum, raising concerns that this rebound may be a bull trap rather than a sustainable recovery.
Volume Analysis: The recent rally has occurred on significantly declining volume, lacking strong buyer support, suggesting that market participation is insufficient and the move may be driven by short-covering or opportunistic buying rather than sustained accumulation.
Technical Resistance: Bitcoin is currently facing a strong confluence of resistance at the 0.618 Fibonacci retracement and VWAP, with price rejection in this area further indicating that sellers remain active and willing to defend higher levels.
Market Structure Shift: Bitcoin's inability to hold above the local point of control (POC) suggests that sellers are regaining control, and if volume does not recover, the price may rotate back to $60,000 to test support.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	36037.2	48018.6	60307.22	72288.62	84577.24	96558.64	108847.26
Fibonacci	48018.6	57289.748	63017.472	72288.62	81559.768	87287.492	96558.64

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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