Bitcoin Held Back After Strong Bounce
Bitcoin remained under pressure on Tuesday, after a brief rebound from a 10-month low. As of midday in Singapore, BTC was hovering around $78,500—seemingly “eager to rise, but hesitant.”
The day before, bearish sentiment nearly dragged Bitcoin to its lowest level since Donald Trump returned to the White House more than a year ago. BTC briefly touched $74,541 before bouncing, but the rebound wasn't convincing.
On the options side, tensions have eased somewhat (put options are starting to decline), but the market is still not relaxed. Deribit data shows the largest concentration of puts is at $75,000—making that level a key support level. The next support is eyed at $70,000.
According to FalconX, the options market is starting to look “stable” as extreme fears are receding. But there's a catch: if the weekly close falls below $75,000, the current bounce could be invalidated, opening up room for a decline to the $69,000–$70,000 zone.
There was a flash of light at the start of the Asian session—Bitcoin rose 0.83%, breaking through $79,100, then weakened again. Implied volatility remains high at around 48.8 (based on TradingView), indicating the market remains susceptible to shock. STS Digital said the "Turnaround Tuesday" effect is starting to be felt: yesterday, many people rushed to sell risky assets, and now it's bouncing off the low—but this doesn't necessarily mean a trend reversal. (asd)
Source: Newsmaker.id
