Is Bitcoin's Correction Over? As the Asset Rebounds to $65K

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After a deeper corrective decline, Bitcoin (BTC) bounces strongly, suggesting that the correction may be over at the ideal 38,2% Fibonacci retracement near 56k support. A bullish continuation within wave could send the price back to all-time highs towards 75k-80k area, but short-term pullbacks should be noted.

Bitcoin (BTC) price has been slowly moving toward lower boundaries of range to test support, with holders with between 100 and 1000 BTC buying more. A falling wedge pattern suggests 20% upside potential for Bitcoin (BTC) price. However, there is a lack of participation from new traders and some holder segments continue to buy up. The market could see more grind time between established trading ranges.

The BTC exchange-traded funds (ETFs) front continues to shape and accelerate price action. Wintermute, a leading global algorithmic trading firm in digital assets, has announced its strategic partnership with OSL and HashKey to provide liquidity for Hong Kong's newly-launched spot BTC and Ether ETFs. This collaboration aims to attract both institutional and retail investors by enhancing market liquidity.

Bitcoin's (BTC) price is still in a falling wedge pattern the steeper the wedge, the higher the reversal which will allow buyers to step in, with the potential for a 30% rally upon successful breakout. However, momentum indicators suggest more downside before this happens, ideally before BTC fills the bullish reversal technical formation. The Relative Strength Index (RSI) has to accentuate this downward trend.