Bitcoin's price behavior has been showing signs of stabilization in recent days, with analysts suggesting that selling pressure may be waning. According to data from 10x Research, the cryptocurrency has reclaimed its 20-day moving average near $68,500 and Bollinger Bands are tightening, indicating potential range expansion.
The analysts noted that Bitcoin's price failed to accelerate lower on risk-off headlines, which could be a sign that downside pressure is losing momentum. Additionally, the 62,500 level has held on three separate tests, reinforcing it as meaningful support.
However, while there may be signs of stabilization, analysts warn that there are no signs of a reversal from the bear market yet. They believe that any bullish exposure remains tactical rather than structural.