Key Points
- Bitcoin saw a 9.53% surge following the announcement of a U.S. strategic crypto reserve proposal.
- The market sentiment remains bearish despite the recent bounce, with technical analysis suggesting further resistance.
Bitcoin’s recent bounce, which occurred after the U.S. announced a proposed strategic crypto reserve, has left market participants uncertain about the future trend.
Bitcoin’s Uptrend Uncertain
The proposal by U.S. President Donald Trump included not only Bitcoin (BTC) but also Ethereum (ETH), Ripple[XRP], Solana [SOL], and Cardano [ADA], all of which experienced significant gains. However, despite this, the outlook on the daily timeframe for Bitcoin remains unchanged.
Market Sentiment and Predictions
The U.S. jobs report, due on the 7th of March, could impact stocks and crypto, including Bitcoin, if it falls short of market expectations. The recent rally occurred when the price broke the range lows, establishing a bearish structure. The CMF was at +0.15, indicating heavy buying pressure, but the Awesome Oscillator remained in bearish territory.
The daily market structure was also bearish, with the lower high at $98.3 needing to be breached to shift the structure. The 1-week chart highlighted the $95.5k level as the closest price target, coinciding with the support level that Bitcoin clung to throughout February. A retest of this level could trigger a bearish reversal.
Despite the bearish sentiment, Bitcoin’s unpredictability leaves room for a potential bullish scenario, although technical analysis currently supports the bearish case.
Please note that the information presented here does not constitute financial, investment, trading, or other types of advice and is solely for informative purposes.
