Bitcoin snaps back near $69,000 but analysts warn the market may not be out of the woods yet
Bitcoin rebounded to near $69,000, but analysts caution that the rally may be temporary due to macro risks and resistance levels.Summary
Bitcoin experienced a significant rebound on Wednesday, rallying over 10% from Tuesday’s low to approach $69,000, leading a broader relief rally across the crypto market including Ethereum, Solana, and ADA. Digital asset stocks like Circle and Coinbase also saw gains. However, analysts at LMAX Group warn that this bounce may not signal a durable uptrend, citing the lack of a clear catalyst and thinner liquidity. While extreme fear and bearish positioning created conditions for a countertrend advance, key resistance levels around $70,000 and $72,000 remain. The upcoming $7.49 billion BTC options expiry with a “max pain” point around $75,000 adds complexity. Ultimately, analysts suggest that fundamental indicators don’t yet support sustained strength, and reclaiming the $78,000 level is crucial for a structural improvement.
(Source：CoinDesk)