Bitcoin has rebounded above $69,000 after testing $60,000 lows, but the overall market sentiment remains deeply bearish. The Crypto Fear and Greed Index is at 8, indicating “extreme fear.” Prediction market traders on Myriad are pricing in a 55% chance Bitcoin touches $55,000 before recovering to $84,000, while Standard Chartered has slashed its long-term price target.
Bitcoin rallied to approximately $69,321, up 3.69% in 24 hours following a test of lows near $60,000. Broader technical indicators, however, continue to signal strong bearish momentum on the daily chart with the Average Directional Index at 51.3.
The Relative Strength Index sits at 35.0, remaining in bearish territory and far from a neutral reading of 50. The 50-day Exponential Moving Average also trades well below the 200-day EMA, forming a classic bearish market structure.
Market-wide fear is pronounced, as the Crypto Fear and Greed Index sits at just 8 points, nearly matching its all-time low. The global cryptocurrency market cap saw a modest 4.3% increase to $2.36 trillion, a minor bounce after recent weeks erased around $2 trillion in value.
Traders on the prediction market Myriad are pricing in 55% odds that Bitcoin touches $55,000 before recovering to $84,000. British multinational bank Standard Chartered has slashed its Bitcoin target from $300,000 to the $100,000 zone, warning the coin could first crash to $50,000.
Bitcoin ETF outflows totaled $410 million in a single day as investors retreated. Today’s Consumer Price Index data release is seen as a potential catalyst, with analysts expecting inflation at 2.5% year-over-year.
