Analyst: Bitcoin bulls push BTC to $85,000, but the bottom has not yet arrived

ChainCatcher news, according to Cointelegraph, Bitcoin's price has rebounded to the $80,000 range today, reaching a high of $85,120 during the day, indicating a relief in selling pressure. However, market analysts warn that this increase may only be an oversold rebound, and it cannot yet be confirmed that Bitcoin has bottomed out.

Some traders pointed out that Bitcoin's technical indicators had previously been severely oversold, making the rebound expected. However, if new buyers fail to maintain momentum, or if the macroeconomic environment deteriorates again, BTC may fall back to recent lows. Meanwhile, JJ, head of options and cryptocurrency trading at HighStrike, observed that Coinbase's spot buy orders have been filled, marking the first instance since Bitcoin hit a low of $52,000 in September where buy orders exceeded sell orders.

Wintermute trader Jake O believes that the current disconnection between market sentiment and fundamentals is very evident, similar to the market situation in August 2024, when BTC briefly fell below $50,000 due to massive liquidations and then quickly rebounded. He expects that the market may see larger-scale upward trading in the coming days.

Nevertheless, chartered market analyst Aksel Kibar described BTC's breakout above $78,000 as a "sharp retest," but did not clearly state whether the price has bottomed out. Additionally, technical analysis shows that Bitcoin's daily RSI remains in the deeply oversold zone, and today's rebound has not formed a candlestick structure with a higher high, indicating that the downtrend may not yet be over.

Market sentiment continues to fluctuate, and the short-term trend still needs to focus on whether subsequent buying can maintain the upward momentum, as well as the impact of macroeconomic factors on the crypto market.