$BTC Bitcoin's rebound is showing promise, but its sustainability depends on various factors. Currently, Bitcoin is worth around $84,517, marking a 2.47% decline over the past 24 hours, yet still up 8.39% over the past week. Let's break down the key points ¹:
- *Bullish Indicators:*
- Whale accumulation: The number of addresses holding 1,000-10,000 BTC has increased, signaling growing confidence among institutions and high-net-worth individuals.
- Potential breakout: CoinMarketCap's research division projects a possible Q2 breakout for Bitcoin, driven by improved macro conditions, continued ETF inflows, or volatility compression.
- *Bearish Indicators:*
- Weak buying pressure: The Stablecoin Supply Ratio (SSR) has climbed to 14.42, suggesting low buying power and potentially limiting Bitcoin's upside.
- Resistance levels: Bitcoin faces significant resistance between $96,155 and $98,719, where 1.48 million addresses have 1.19 million BTC in unrealized losses.
- *Market Outlook:*
- Consolidation: Bitcoin might trade between $78,208 and $90,137 in the short term, with potential for a rally to $98,629 if buying pressure increases.
- Macro challenges: Global tariff escalations, reduced risk appetite in equities, and a drop in crypto market cap could impact Bitcoin's price.
Overall, Bitcoin's rebound is uncertain and influenced by various market and economic factors. Monitoring these indicators and market trends will be crucial for investors and traders.
#BTCRebound
