Bitcoin shows signs of bottoming out in the short term... Rebound expected as selling pressure eases

Bloomberg reported that the strong selling pressure that had been dragging down the cryptocurrency market is gradually receding, raising hopes that Bitcoin, the leading cryptocurrency, may have hit bottom.
The report was released on the 25th. Bitcoin traded in the $88,000 range on the day. It has been recovering since falling below $82,000 on the 21st, hitting its lowest price in seven months.
First, in the options market, the premium for one-week put options fell sharply from 11% to 4.5%, indicating that investors are more concerned about the possibility of a rebound than the risk of a downturn.
The Relative Strength Index (RSI) on the 14th reached 32, approaching the oversold level (below 30). The volatility index also fell to April levels, showing signs of easing.
Bloomberg reported that the US Bitcoin ETF saw $3.7 billion redemptions out of its total assets of $110 billion, a redemption rate of just 3%.
Short interest in BlackRock's Bitcoin Fund (IBIT) has also fallen sharply, with investors reportedly shifting their stance from selling to holding.
Rachel Lucas of BTC Markets reportedly sees a short-term bottom at $80,000, with the main resistance on any rebound at $90,000-$95,000.
On the other hand, some point out that the market will continue to take a cautious stance ahead of the Federal Reserve's decision on whether to raise interest rates in December.
OrbitMarket analysts said: "Long-term investors who liquidated their positions when Bitcoin surpassed $100,000 are now finding the current price range too low to sell.
"Investors looking to buy again may wait for the price to drop below $85,000."