Bitcoin jumps 3.62% to $70,563 while the VIX surges 24%
A Technical Rebound After a Turbulent Week
Bitcoin is priced at $70,563.37 this Tuesday midday, compared to $68,099.23 the previous day, marking a 3.62% increase. The highest point in the last 24 hours reached $71,300, while the lowest was $68,080.23.
This rise extends the rebound that began on Sunday when the price climbed from $65,971 to $68,432 after hitting a weekly low of $65,618 on Saturday. Over the past week, the trend was volatile: a peak at $74,050 on Wednesday, March 4, was followed by four consecutive sessions of decline before the weekend's recovery.
The 24-hour trading volume amounts to 31,987 BTC, above the average observed at the end of last week when trading dropped to around 12,700 BTC on March 7.
On traditional markets, the VIX is at 29.49 compared to 23.75 the previous day, a surge of 24.17%. This sharp increase in the volatility index indicates growing concerns in the stock markets. However, Bitcoin is currently moving against this trend, standing 44.09% below its all-time high of $126,199.63.
Active Death Cross and RSI in Neutral Zone
From a technical standpoint, Bitcoin remains positioned below its two major moving averages. The 50-day moving average is set at $73,694, approximately 4.4% above the current price, while the 200-day moving average is at $95,217, a significant gap. The « Death Cross » configuration, characterized by the 50-day moving average dropping below the 200-day moving average, remains active, indicating a long-term bearish trend.
The RSI (relative strength index) stands at 47.84, in the neutral zone, having fluctuated between 46 and 57 over the week. This position does not signal either an oversold or overbought condition.
The identified support is at $62,510, a level that hasn't been tested recently, while the resistance at $74,050 corresponds to the high reached on March 4th. The current price is thus moving in the upper half of this channel. The ATR (Average True Range) at $3,426 confirms the persistence of high volatility in the asset.
This content has been automatically translated using artificial intelligence. While we strive for accuracy, some nuances may differ from the original French version.
