In a recent analysis, a short-term holder indicated that Bitcoin was carried at a loss when it fell below 1 during the last decline. However, optimism remains as the cryptocurrency has reached a potential reaction zone, if it stays above the MA34. This was observed during the panic selling period.

Bitcoin showed resilience with support at 66k, leading to a short-term 6% increase. However, selling pressure began at 1.01, suggesting that the price may continue to face stress within this range. Despite this, the best buying opportunities in a bullish trend are believed to be within the 0.95-0.90 range.

For intraday trading, it is advised to wait for a break below 1 and to hold out for the green area a little longer. This analysis underscores the volatility of the cryptocurrency market, but also its potential for high returns.

Written by XBTManager.