Bitcoin Bounces to $69K, But Charts Are Still Bearish: Analysis

💡 DMK Insight

Bitcoin’s recent bounce from $60K could be misleading—here’s why traders need to tread carefully. The daily charts are flashing warning signs, suggesting that this rebound might just be a dead cat bounce rather than a sustainable recovery. With prediction markets indicating further downside, traders should be wary of getting caught in a false rally. Key resistance levels are likely around $65K, and if Bitcoin fails to break through that, we could see renewed selling pressure. Watch for volume trends; if the rebound lacks strong buying interest, it could signal that the bulls are losing steam. On the flip side, if Bitcoin manages to hold above $60K and shows signs of consolidation, that could present a buying opportunity for more aggressive traders. But for now, the sentiment is leaning bearish, and caution is warranted. Keep an eye on broader market trends, especially in correlated assets like Ethereum, which often follow Bitcoin’s lead. The next few days will be crucial—monitor how Bitcoin reacts around these key levels.