Bitcoin spot and margin longs push BTC to $85K, but the bottom isn’t in yet

Is the Bitcoin bottom in, or is today’s price action simply an oversold bounce that will trap overleveraged bulls?

The Bitcoin sell-off, which dominated a majority of the weak, appears to be easing off, with BTC price making a recovery back in the $80,000 range to reach an intra-day high at $85,120. 

Some traders believe that Bitcoin (BTC) was overdue for a bounce, given how deeply oversold some of its technical indicators had become. Those holding that belief warn that once bids are filled near the recent lows, if new buyers fail to sustain the momentum or negative macroeconomic newsflow resumes, BTC is likely to revisit its recent lows. 

HighStrike head of options and crypto trading JJ took a different view, noting that “Coinbase spot bids” were “filled,” representing the “first flip of bids outweighing asks now since the September bottom at $52,000.” 

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