Bitcoin Approaches Oversold Territory, Potential for Rebound

According to PANews, Matrixport's analysis indicates that Bitcoin is nearing an oversold zone, historically known for potential rebounds. However, technical indicators have yet to show a clear signal of a halt in the decline, leaving uncertainty about whether the market is entering a recovery phase. Additionally, Bitcoin's price has retreated to a previously identified risk range, presenting some appeal for strategic buying at lower levels. Nonetheless, sustained upward movement will require favorable macroeconomic factors. Some technical indicators, such as the RSI, are showing signs of stabilization and recovery, but the market may still need to undergo a process of deleveraging and clearing of positions dominated by the spot market before a bottom is fully established.