Bitcoin's Recent Low: Will It Be Locked In or Not?

Crypto analyst Sykodelic says Bitcoin has now cleared roughly 80% of the technical conditions needed to confirm that its recent low is in. The final answer will likely arrive in the next few days as the weekly and monthly candles close.

The analyst notes that if BTC can close above $82,700 in this window, it could be a sign that the bottom has locked in for good. However, if it closes below this level, there may still be room for one more drop toward $75,000 first.

Sykodelic also points out that Bitcoin has moved back above its daily 200 SMA and EMA, reclaimed its weekly 50 EMA, and pushed its daily RSI above 85. This is something the analyst says never happens during a bear-market bounce.

However, what's still missing is a weekly close above the 50 SMA at $82,000, a weekly close above the Supertrend line at $79,000, a higher low set above $82,700, and a monthly close above $76,463. Sykodelic notes that for this low to be undeniable, we need to close above $82,700.