Trader Skew: Maintains a cautiously optimistic attitude towards the current BTC rebound trend, the market seems to lean towards bullish

In the recent Bitcoin rebound, renowned trader Skew expressed cautious optimism about the current trend, stating that the market seems to be bullish. He posted on X saying: "So far, this rebound has been effective here, with prices retesting systemic trends and rising all the way from $68,000 to $108,000."

He pointed out that a "clear" bullish divergence appeared in the Relative Strength Index (RSI) on the 4-hour chart and described failed attempts to push down BTC/USD as a "failed auction". Keith Alan, co-founder of Material Indicators noted that Bitcoin's price is still trapped between two key Simple Moving Averages (SMA), with 21-day SMA (around $99,600) and 50-day SMA (close to $94,650) now defining BTC's immediate range.

Alan is unsure which level will break first and pointed out that since mid-October Bitcoin has maintained support above its 21-day SMA but briefly fell below this level this week. Cryptocurrency investor Satoshi Stacker stated that due to traditional US financial markets being closed for holidays, selling pressure in the Bitcoin market will temporarily ease.