Bitcoin Bounces to $69K, But Charts Are Still Bearish: Analysis
The crypto market remains gripped by extreme fear, with the Fear and Greed Index at 8, slightly above historic lows. Despite a 4.3% uptick in global crypto market capitalization to $2.36 trillion, this is minor compared to the $2 trillion lost in recent weeks. Prediction markets see only 55% odds of Bitcoin reaching $55,000 before recovering, while Standard Chartered cut its Bitcoin target to just over $100,000, warning of a possible drop to $50,000. Bitcoin ETF outflows reached $410 million, signaling investor anxiety. Recent U.S. inflation data could influence whether the current market bounce continues. Technically, Bitcoin’s daily chart remains bearish: the ADX is at 51.3 (strong negative trend), RSI lingers at 35.0 (bearish momentum), and the 50-day EMA is below the 200-day EMA (bearish structure). Short-term (4-hour) charts are more neutral, offering opportunities to day traders, but do not suggest a broader bullish shift. Overall, the market bounce is not enough to declare a trend reversal; caution is advised for swing traders and holders.
