Crypto Market Recovers for Second Day, BTC Hits New High

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 3 hours ago

BTC+3.046%

ETH+4.673%

BNB+1.701%

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Market Recovery: The crypto market rose 2.1% over the past 24 hours to a total market cap of $2.45 trillion, indicating a rebound in investor confidence that could lay the groundwork for future market stability.
Bitcoin's Strong Performance: Bitcoin (BTC) surged 2.4% to a six-day high of $69,000, reinforcing its status as a market bellwether and potentially attracting more investor interest in the cryptocurrency space.
Short Squeeze Effect: The market experienced a massive short squeeze, with over $200 million in short positions liquidated in the past 24 hours, suggesting that this trend could accelerate bullish momentum if resistance levels are breached.
ETF Inflows: Bitcoin ETFs recorded $117 million in net inflows over the past day, extending their inflow streak to two days, indicating sustained institutional interest in crypto assets that may further drive market gains.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 2 indicators are flashing buy, while 2 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 crypto.

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	57905.611	61452.805	64931.701	68478.895	71957.791	75504.985	78983.881
Fibonacci	61452.805	64136.772	65794.929	68478.895	71162.862	72821.019	75504.985

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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