Bitcoin Rebounds to $64K: Expert Insights on Market Recovery
Crypto markets show signs of recovery after AI-led selloff turbulence.
1Bitcoin's Volatile Week
Bitcoin plunged to $62,500 this week, hitting a two-month low as AI stock selloffs spilled into crypto markets. Geopolitical risks triggered risk-averse behavior, but softer US inflation data later spurred recovery. The cryptocurrency is now attempting to stabilize above $64,000 amid mixed market signals.
2Technical Indicators Analysis
Bitcoin continues trading below the 50-day moving average, signaling persistent bearish pressure. However, the daily RSI holding above 50 offers some optimism. Analysts highlight the importance of decisively breaking the $64,200 resistance level for a potential trend reversal.
3Altcoin Market Performance
Ethereum gained 0.93% to $1,843, while major altcoins like BNB and Solana saw up to 4.81% gains. Weekly performances remained negative for many altcoins with losses nearing 10%. The total crypto market cap rose 1.2% to $2.19 trillion, showing fragile recovery signs.
4Shifting ETF Flows
Bitcoin spot ETFs are seeing modest outflows this week after eight consecutive weeks of heavy withdrawals. This suggests continued investor caution despite recent price stabilization. Market observers expect ETF flows to remain a key price driver in the coming weeks.
5Macroeconomic Influences
Experts note persistent pressure from geopolitical tensions and rising oil prices on crypto markets. While easing rate hike concerns supported Bitcoin's rebound, regulatory uncertainties keep investors on edge. The market awaits clearer signals from US policymakers and macroeconomic developments.
6Market Outlook
Analysts suggest Bitcoin could target $65,600 if it sustains above $64,200 resistance. However, prevailing risk-off sentiment and mixed technical indicators point to continued volatility. Traders are advised to watch key support levels and macroeconomic catalysts for directional cues.
Original article: Economic Times — Bitcoin 64 Bin Dolara Geri Döndü: Uzmanlar Ne Diyor?