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Bitcoin is trading near $69,817 and remains stuck below the $70,000 level as it attempts to move past a technical “Bitcoin is dead” zone identified by a model at $72,201.85. The Rainbow Chart places the “Fire Sale” band at $96,239.07, implying the current price is still within a historically undervalued…
Bitcoin is trading near $69,817 and remains stuck below the $70,000 level as it attempts to move past a technical “Bitcoin is dead” zone identified by a model at $72,201.85. The Rainbow Chart places the “Fire Sale” band at $96,239.07, implying the current price is still within a historically undervalued range. Technical indicators are broadly neutral, with an RSI of 51.54, while price is also closely aligned with the 50-day Simple Moving Average (SMA) at $69,099.
BTC appears to be in a consolidation phase, with the market struggling to break the $70,000 barrier. Over the last 24 hours, the cryptocurrency’s market cap has been steady despite a 4% gain. The analysis notes that while Bitcoin is balancing near the 50-day SMA, it remains far from the 200-day SMA at $90,151, suggesting the broader trend is still under corrective pressure.
The Rainbow Chart’s logarithmic band framework highlights a wide gap between current pricing and several historical sentiment zones. The upper end of the chart places “Maximum Bubble Territory” above $1 million, while the “HODL!” zone is at $330,846.31. These levels are presented as contrasting sharply with current reality, indicating potential room for the bullish cycle to expand if momentum returns.
On the downside, the chart suggests that by April 30, 2026, Bitcoin will be in a zone of extreme pessimism, which the model indicates typically precedes significant rebounds. If Bitcoin regains momentum in the coming weeks, the first target referenced by the chart is a re-entry into the “Fire Sale” band above $96,000, aligning price with a recovery toward a long-term average and potentially reducing investor skepticism.
Bitcoin’s RSI at 51.54 is described as neutral, with no overbought conditions indicated. The analysis also points to the importance of the April close as a validation checkpoint for whether the Rainbow Chart continues to function as a reliable guide or whether the market will need additional catalysts to move out of “panic” zones and toward new annual highs.
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