BITCOIN LONG

Following the steep fall, the Bitcoin (BTCUSD) recovered some ground ahead of the US employment report. Meanwhile, the broader outlook remains weighted to the downside.

Key Indicators

• The current structure is still bearish, but $BTC is approaching a major demand area and is overdue for a relief rally if bulls step in after a liquidity grab under $62k. Furthermore, the daily RSI is sitting at 16 — deeper oversold than at any point in this cycle.

Fundamental Context

Bitcoin hit a fresh multi-month low of $61,300 early Friday morning before correcting some losses, reflecting improved investor risk appetite. Looking ahead, investors should closely monitor the US labor report and geopolitical developments, as any escalation in the Middle East could prompt caution.