Bitcoin Market: Analysts Predict Reversal, Despite Rangebound Trading

Bitcoin, Ethereum, and Dogecoin remained rangebound, with investors looking for catalysts amidst hawkish signals from the Federal Reserve. Bitcoin bounced above $66,000 in the early morning but retreated to $64,000 as traders took profits. Ethereum also saw a short-lived spike to $3,600 before facing resistance. The market saw $125 million in derivatives bets wiped out, with $70 million in long liquidations. Open Interest for Bitcoin and Ethereum fell 0.37% and 3.12%, respectively, signaling a weak market. Bearish bets for Bitcoin surpassed bullish bets, with nearly 50% of the market bearish. Despite this bearish sentiment, analysts remain optimistic. Popular analyst Kevin noted that the "whale money flow" dropped to its lowest level, which typically precedes reversals. Michaël van de Poppe predicts that Bitcoin has bottomed in the $63,000-$65,000 range, gearing for an upward move. "The reversal is on the horizon," he predicted.