Bitcoin is slightly higher on Tuesdays, but according to several graphic analysts, this is still more like a technical rebound than a signal that the trend has reversed. The current market structure remains weak, and whether short-line movements can stand a key anchor for the next few days is the focus.
The support area remains the focus of observation.
According to the analyst, the current main support area for Bitcoin ranges from US$ 59,310 to US$ 62,415. Over the past few weeks, the area has been seen as a defence for short-line movements. As long as prices hold the region, the rebound structure will be maintained.
If the area is broken, the market ' s confidence in the rebound may be further weakened. The analysts stressed that the ability to hold the low points that had been developed earlier in the month was key to determining the continuation of the rebound.
There's a clear resistance around $66,000.
The areas above the resistance range between USD 66,233 and USD 76,638. According to the analysts, this area is the main technical obstacle previously identified, of which USD 69,117 to USD 72,126 is considered a more desirable rebound target.
Within this target range, the long-term trend line overlaps with the 200-day average of bitcoin. According to analysts, this would bring more pressure to bear on the region and would mean that greater buy-in is needed if prices are to continue.
Short-line signal still pending.
In a shorter period, bitcoin has stood on a little bit of resistance near $63,960. A further breakthrough of US$ 64,470 would further suggest that there is a stronger buy-in behind the current rebound.
Here's a look at the US$ 63,245 support bit. If the position is lost, the next focus will be US$ 62,665. Analysts suggest that the future of 24 to 48 hours will only enhance the market ' s judgment of the stage bottom if it leads to higher lows and highers.