1. Technical Indicators: Bitcoin is currently trading between key support at around $65,026 and resistance at $66,798. If BTC breaks above $66,798, it could move toward higher resistance levels around $68,743 and $71,645, indicating potential for further gains. On the downside, if BTC falls below its current level, it could target the $62,381 level as indicated by the Simple Moving Average (SMA)【20†source】【22†source】.
2. Bollinger Bands: The Bollinger Bands indicate that BTC is near the upper band, suggesting it may be overbought. If Bitcoin drops toward the SMA or lower band at $56,782, this could signal an oversold condition and potentially a buying opportunity.
3. Market Sentiment: The Fear & Greed Index currently stands at 63, indicating more greed in the market, which could signal overconfidence. If sentiment remains overly bullish, there might be short-term pullbacks
Given this combination of factors, BTC's short-term outlook remains cautiously bullish, but it is subject to corrections if it fails to break through resistance or if market sentiment shifts.
