Trader Skew: Cautiously optimistic about the current BTC rebound trend, the market seems to be bullish

In the recent Bitcoin rally, well-known trader Skew expressed cautious optimism about the current trend, saying that the market seems to be biased towards the bullish side. He wrote on X: "So far, this rebound has played out here, and the price has retested the systemic trend, all the way from $68,000 to $108,000." He pointed out that the relative strength index (RSI) on the 4-hour chart has seen a "clear" bullish divergence, and described the failed attempt to push BTC/USD lower as a "failed auction." Keith Alan, co-founder of Material Indicators, pointed out that the Bitcoin price is still sandwiched between two key simple moving averages (SMAs), with the 21-day SMA (around $99,600) and the 50-day SMA (near $94,650) now defining BTC's immediate range. Alan is unsure which level will break first, noting that Bitcoin has been holding support above the 21-day SMA since mid-October, briefly breaking below it this week. Cryptocurrency investor Satoshi Stacker said the Bitcoin market will temporarily ease selling pressure as traditional U.S. financial markets are closed for the holiday.