Bitcoin led the crypto market in a mild rebound over the past 24 hours, following the US CPI report showing 2.8%, below the expected 2.9%.
Current Bitcoin Price Analysis
Bitcoin surged approximately 2% in the last 24 hours, reaching $83,282 on Thursday morning, alleviating fears of further capitulation. The Bitcoin fear and greed index climbed from 34% to about 45%, indicating improved market sentiment.
Critical Resistance and Support Levels
From a technical standpoint, Bitcoin may experience a sharp V-shaped reversal in the coming weeks. Holding above the 50-week moving average (around $75.5k) is crucial to avoid a historical slip to the 200-week average at $46k. Bitcoin must close consistently above the $92k–$95k range for the rally to extend beyond $109k.
Positive Indicators for the Crypto Market
Bitcoin price is expected to follow gold, which has rebounded towards its all-time high. Furthermore, ongoing Bitcoin adoption at the nation-state level is evident. US spot BTC ETFs ended a two-week losing streak with a $13.3 million influx, with ARKB making a positive net cash inflow of about $82.6 million.
The overall outlook for the crypto market remains positive, given the recent developments and strategic adoption of digital assets by nations.
