🔥 Bitcoin Retesting Critical Support: Dead Cat Bounce!

After a relatively big sell-off, BTC is currently bouncing from very oversold levels. Yesterday marked the first time since August that the 8H timeframe hit oversold on the RSI, so a bounce was to be expected.

Bitcoin is currently on its way to retest the critical purple area of support as resistance. A rejection from here would confirm the break of 40k, with a move towards 35k in the cards.

If BTC can close the week above the purple area we have to consider the idea that this bearish move was merely a correction instead of a longer term shift in trend.

Below you find my current view on the market in more detail.