Bitcoin Price Recovery Could be Capped at $78K: Here’s Why
Cointelegraph
Bitcoin's 17% relief rally faces resistance at $78,000, a level needed to reverse the broader downtrend.Summary
Bitcoin is experiencing a relief rally, recovering 17% from lows below $60,000, supported by returning demand indicated by positive net taker volume in derivatives markets, suggesting buyers are currently in control. Metrics like the bull score index have improved, though analysts still categorize the market as being in a relief rally within a bear market. The key hurdle for ending the downtrend is breaking the $78,000 level, which aligns with the 'true market mean' cost basis of actively transacted coins. Historically, Bitcoin rallies have been rejected at this mean, and failure to sustain a move above $70,000 suggests downside risk, with support levels watched around $54,400 and $68,300.
(Source：Cointelegraph)