Bitcoin Rebounds To $63,000, Lifting Ethereum, XRP, Dogecoin By 3%, But Beware ‘Shallow’ Bounces, Analyst Says

Bitcoin is rebounding off the back of a relief rally after hitting some of its most oversold levels ever.

Notable Statistics:

• Coinglass data shows 102,093 traders were liquidated in the past 24 hours for $608.09 million.       
• SoSoValue data shows net outflows of $325.7 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net outflows of $4.8 million.
• In the past 24 hours, top gainers include Audiera, DeXe and Lighter.

Notable Developments:

• Bitcoin, Ethereum, Solana Down Over 20% In A Month Is The ‘Biggest Macro Opportunity,’ Expert Claims
• XRP Falls 17% In A Month, But The Market Is About To ‘Trick Everyone,’ Analyst Claims
• Michael Saylor’s Back: Strategy Buys 1,550 Bitcoin, MSTR Surges 6%
• Bitmine Buys 126,971 ETH As BMNR Tests Critical $16 Support: What’s Going On?
• Sam Bankman-Fried Files Request For Presidential Pardon: What Do Prediction Markets Say?

Trader Notes:

Crypto Bully explained Bitcoin briefly tapped $60,000, a heavily watched support level, and held firm as short sellers took profits, helping fuel a rebound. Market panic around Strategy’s STRC and fears of large-scale Bitcoin sales by Michael Saylor eased after Saylor instead added to his Bitcoin position.

The next key resistance sits around $71,000-$72,000, aligning with the monthly open.

A rejection there could trigger a pullback, while a breakout above that zone would increase the odds of Bitcoin taking out its range highs.

Trader KillaXBT expects Bitcoin to trade sideways for the next several months rather than stage a sharp V-shaped recovery. Historically, bear market bottoms have involved extended periods of consolidation and range-bound trading before a sustainable uptrend emerges.

As a result, any near-term rallies are likely to be “shallow”, with the market needing more time to build a base before a stronger trend reversal can develop.

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