BTC needs to clear $72K for bullish reversal, CoinDesk says

Bitcoin is showing signs of recovery after establishing a low around $65,600 on the previous day, but a decisive break above the $72,000 level is needed to signal a trend reversal, according to an analysis by CoinDesk. CoinDesk noted that while Bitcoin has rebounded from yesterday's losses, it remains in a pattern of lower highs and lower lows. For the trend to shift, BTC must decisively surpass the $72,000 mark in the short term. The analysis also pointed to stabilizing market conditions, with open interest in the Bitcoin derivatives market rebuilding to $15.8 billion. This suggests that the market is entering a bottoming phase after a period of deleveraging. Furthermore, the options market's put-to-call ratio stands at 49:51, indicating a slight dominance of call options, while the decreasing volume of futures liquidations also points to market stabilization from a medium- to long-term perspective.