Bitcoin Price Hits $65k But Bearish Sentiment Lingers
Bitcoin's price recently touched $65,000 for the first time since August 10, but analysts point out that bearish sentiment remains strong. The 50-month exponential moving average (EMA) near $65,400 is a key resistance level, and if broken through, could lead to a rebound target of $76,000 according to analyst Aksel Kibar.
On-chain data from CryptoQuant shows that Bitcoin's 30-day apparent spot demand has recovered significantly, turning positive for the first time since February 26. Historically, after spot demand turns from negative to positive, BTC's median gain over the next 60 days has been 18.1% with a 78% win rate.
VanEck believes that Bitcoin may be nearing the end of its correction, with 8 out of 12 'capitulation indicators' already triggered and BTC in its 11th month of correction. However, VanEck notes that capitulation signals do not consistently show an excess-return advantage over the next 90 or 180 days.