If Bitcoin can hold $65,000 after its strong bounce it could avoid a deeper crypto winter

Bitcoin recently bounced back toward $65,000 after testing lows near $62,800, a move supported by a significant net inflow of $257.7 million into U.S. spot Bitcoin ETFs on Tuesday, interrupting a prior streak of outflows. However, the market remains cautious, evidenced by options skew tilting heavily toward puts, indicating traders are paying for downside protection even as the price recovers. Macro factors, such as new tariff announcements, are contributing to risk aversion, framing the current bounce as a test of follow-through. The key technical level is $65,000; holding this level could lead to tests of $66,894 and $67,995. If ETF flows revert to selling, or macro volatility persists, the price could fall back toward the $61,000 hinge or even lower support near $56,048. The market faces three paths: a repair path driven by sustained ETF inflows, a fade path where flows revert, or a macro shock path leading to significant downside.

(Source：CryptoSlate)