Analyst expects Bitcoin pullback after breakout, sets buy zone at $65k–$70k
Bitcoin breaks out with an 11% rally. An on-chain analyst urges caution and prefers buying a pullback.
Bitcoin +11%; metrics strong, but RSI nears overbought
Bitcoin snapped weeks of stagnation with an 11% move higher, drawing fresh interest from traders according to NewsBTC. On CryptoQuant, analyst GugaOnchain says the impulse is valid: the MVRV ratio sits above its 30-day MA at 1.2947, and Binance’s Taker Buy/Sell Ratio shows rising buy aggression source.
Macro heat looks contained. Current MVRV near 1.3856 remains well below the SMA‑365 “macro line” at 1.8620, pointing to a market that is not overheated yet NewsBTC. For context on broader cycles, see XRP analysis linked there.
Technicals show a breakout above an ascending channel on the daily chart, a bullish continuation pattern. But RSI prints 67.85, close to the 70 overbought threshold, which increases near-term pullback risk CryptoQuant and aligns with other short-term signals NewsBTC.
“Not at this resistance breakout,” the analyst says. He prefers entries on a retracement into channel support, flagged at $70,000–$65,000 source.
As of writing, BTC trades around $77,014, up 2.8% day over day NewsBTC.
