bullish

United

Impact

<p>Veteran investor and technical analyst Peter Brandt has stated unequivocally that there is no reliable bottom formation on the current <a href="https://en.coin-turk.com/key-developments-impact-bitcoin-market-dynamics/" rel="noopener noreferrer nofollow">Bitcoin</a> charts. While sentiment in the market appears optimistic with a brief recovery underway, Brandt emphasizes there is still insufficient evidence to confirm a new bullish trend for Bitcoin’s price overall.</p>
<h2 id="warning-from-technical-analysis">Warning from technical analysis</h2>
<p>According to Brandt’s analysis, the latest upward movement should not be seen as the beginning of a comprehensive bull market, but rather as a short-term technical bounce. He argues that despite celebratory sentiment, Bitcoin remains in a downward channel, with price action still lacking the structure needed for a sustainable uptrend.</p>
<p>Brandt points to a potential bear channel beginning at February’s local lows and extending through to current prices. Even though Bitcoin is trading at 79,660 dollars, Brandt notes the cryptocurrency was firmly rejected at the upper edge of this channel, suggesting that the recent price rally was fueled by temporary liquidity and speculative trading opportunities. According to <a href="https://lk.software/cryptoappsy/" rel="noopener noreferrer nofollow">CryptoAppsy</a> data, Bitcoin’s latest level stands at 79,660 dollars.</p>
<h2 id="impact-of-macroeconomic-indicators">Impact of macroeconomic indicators</h2>
<p>Supporting Brandt’s cautious outlook, newly released American economic data has introduced further uncertainty. The U.S. Producer Price Index (PPI) rose by 6 percent year on year, outpacing the anticipated increase of 4.8 percent. Meanwhile, core producer prices climbed 5.2 percent annually.</p>
<p>Additionally, the U.S. Bureau of Labor Statistics revised April’s inflation figures upward, raising the previous annual rate from 4 percent to 4.3 percent. Officials acknowledged that earlier projections underestimated the impact of stabilizing oil sector prices and easing Middle East tensions. Yet, recent figures indicate a fresh wave of accelerating inflation.</p>
<h2 id="key-technical-levels-and-expectations">Key technical levels and expectations</h2>
<p>Another key point in Brandt’s technical analysis is the daily closing price relative to the Average True Range (ATR) indicator. He outlines that a close below 79,145 dollars would signal a lack of buying momentum in Bitcoin, increasing the risk of a pullback first to the channel’s midpoint, and potentially toward the lower boundary.</p>
<p>Despite general optimism and risk appetite still being visible across the broader market, the first warning signs of a downturn in risk assets are beginning to emerge. With less than two and a half weeks remaining until June, global oil reserves are predicted to approach critical levels. This mounting pressure on Bitcoin only reinforces Brandt’s warning of ongoing downside risk.</p>
<blockquote>
 <p>Brandt assessed, “There is no new bottom forming in the market; the current price trend should be considered only a temporary technical bounce.”</p>
</blockquote>
<p>In summary, both technical signals and the latest macroeconomic data from the United States suggest that conditions for a clear bottom in Bitcoin have yet to materialize. Analysts remain cautious and are closely watching for any signs of a retreat toward the lower end of the trading channel.</p>
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<p>The post <a href="https://en.coin-turk.com/btc-rejected-at-79660-dollars-with-no-confirmed-bottom/" rel="noopener noreferrer nofollow">Btc rejected at 79,660 dollars with no confirmed bottom</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Btc rejected at 79,660 dollars with no confirmed bottom

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