Odaily Planet Daily News In the recent BTCRebound, well-known trader Skew expressed cautious optimism about the current trend, saying the market seems to be leaning towards bullish.
He expressed in the post on X: “So far, this Rebound has played a role here, retesting the systemic trend, rising from $68,000 to $108,000.”
He pointed out that the relative strength index (RSI) on the 4-hour chart showed a “obvious” bullish divergence and described the failed attempt to push down BTC/USD as a “failed auction”.
Keith Alan, co-founder of Material Indicators, pointed out that the BTC price is still sandwiched between two key Simple Moving Averages (SMA), with the 21-day SMA (around $99,600) and the 50-day SMA (close to $94,650) now defining the immediate range of BTC.
Alan is not sure which level will break first, and pointed out that since mid-October, BTC has been maintaining support above the 21-day SMA, and briefly fell below this level this week.
Cryptocurrency investor Satoshi Stacker said that the BTC market will temporarily ease selling pressure due to the US traditional financial market being closed for the holidays.
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