Bitcoin price bounces 4% as data gives ‘89% chance’ stocks bottom is in
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Bitcoin (BTC) rebounded above $81,000 on March 11 as US stocks’ futures sought relief from a brutal sell-off.BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewBTC price bounces back amid calls for short squeezeData from Cointelegraph Markets Pro and TradingView showed daily BTC price gains approaching 4%.New four-month lows had accompanied the previous day’s Wall Street trading session as recession fears sent risk-asset investors fleeing.The S&P 500 and Nasdaq Composite Index finished the day down 2.7% and 4%, respectively. At the time of writing, Nasdaq 100 futures had recovered around 0.4% from a trip to their lowest levels since September 2024.Commenting, trading resource The Kobeissi Letter suggested that markets had entered an unsustainable downtrend.“Are we overdue for a massive short squeeze?” it queried in a thread on X, noting risk-asset sentiment in “extreme fear” territory.“Even bears who are calling for a prolonged bear market would need to see some relief rallies. Markets do not move in a straight-line long-term. Eventually, a (tradable) short squeeze is inevitable.”Nasdaq 100 futures 1-day chart. Source: Cointelegraph/TradingViewKobeissi and others referenced unusually high readings from the VIX volatility index while making the case for a sustained recovery.“$VIX has only been higher 11% of the time, going back to 1990,” network economist Timothy Peterson, creator of several Bitcoin price forecasting tools, continued.“Put another way, there is an 89% chance that today was the bottom.”VIX volatility index. Source: Timothy Peterson/XBitcoin analysis sees “very rough time” aheadBitcoin thus saw some much-needed upside on short timeframes after reaching $76,600 on Bitstamp.Related: Biggest red weekly candle ever: 5 things to know in Bitcoin this week“$BTC just had a bullish divergence on the 4H timeframe,” popular trader Cas abbe reacted while analyzing relative strength index (RSI) signals. “I'm not saying this is the reversal but a short-term pump looks imminent now.”BTC/USD 4-hour chart with RSI data. Source: Case Abbe/XPreviously, trader and analyst Rekt Capital told X followers to watch for similar RSI cues from the daily chart to confirm a more sustainable BTC price comeback.Zooming out, other popular crypto market participants remained gloomy. Among them was the pseudonymous X trader HTL-NL, who concluded that BTC/USD was unlikely to match all-time highs.BTC/USDT 1-day chart. Source: HTL-NL/X“Before anyone of you think this is specifically happening in crypto: it’s not,” another of his latest posts stated alongside a chart of S&P 500 futures. “It happens to all risk off assets. It’s called a recession probably. US is in for a very tough time.”S&P 500 futures 1-day chart. Source: HTL-NL/XThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph Weiter zum vollständigen Artikel bei Cointelegraph
Quelle: Cointelegraph