🚀 BTC/USDT Update: Reclaiming $71K! Is the Bottom In? 📈
Bitcoin is showing signs of life today, bouncing back to the $71,000 level after a period of intense volatility and "Extreme Fear" in the market. Let’s break down what the 1-hour chart is telling us!
🔍 Technical Breakdown:
EMA Recovery: The price is currently fighting to stay above the EMA(7) ($70,857) and EMA(21) ($70,631). A solid close above these short-term moving averages could pave the way for a retest of the $72,271 high we saw earlier today.
RSI Check: The RSI(14) is sitting at 55.56. This is a "sweet spot"—it’s not overbought yet, meaning there is still room for upward momentum before the bulls get tired.
Support & Resistance: * Support: Strong base at $70,154 (EMA 50). As long as we hold this, the structure remains bullish.
Resistance: The immediate hurdle is the $72,271 peak. Breaking this could trigger a "Short Squeeze" toward $73,500.
💡 Prediction & Strategy:
We are seeing a neutral-to-bullish recovery. If BTC stabilizes above $71,200 for the next few hours, expect a rally toward the $72.5k–$73k range. However, keep a close eye on the volume; we need more "buy" pressure to confirm this isn't just a relief bounce.
My Plan: * Watching for a breakout above $71,500 for a long entry.
Stop loss tightly set below $70,000 to manage risk.
What do you think? Are we heading to $75k or back to the $60s? Let me know your thoughts in the comments! 👇
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