Market analysts are closely watching Bitcoin's (BTC) price action as it navigates the recent market uncertainty caused by oil prices spiking due to Middle East tensions. According to Michaël van de Poppe, a sharp-eyed crypto analyst, key metrics such as the Puell Multiple Z-Score and SOPR and MVRV Z-Scores have hit extreme lows, echoing previous bottoms in 2018, 2020, and 2022.
The technical setup on the 4-hour chart suggests that the downside may be limited, with the price action testing the EMA50 resistance at $70,819.19 while the EMA200 provides support below at $69,410.31. The MACD's death cross confirms downward momentum, but the RSI remains neutral, indicating contained volatility.
As a result, analysts are advising investors to be cautious and avoid chasing dips blindly. Instead, they recommend scaling into longs if BTC holds above the lower support at $70,099.29, targeting the upper resistance at $73,921.82 for quick profits.