After Bitcoin rebounded to $58,000, the market debated whether it was a bottoming out or a false shot. The $55,000 support is the key; bullish divergence and large institutional buying options are positive signs. However, potential catalysts are still limited, and macroeconomic variables need to be kept in mind.

Bitcoin soared back to 0.058 million overnight! Rebound after bottoming out?

Bitcoin (BTC)'s trend has been weak recently. It once fell below $53,000, but this morning (10th) it once rose back above $58,000. At the time of writing, the price was $56,822, and the intraday increase was 3.52%.

Bitcoin's weekly closing above $53,250 is good news, holding the bottom of the “bargain hunting zone.” For the rally to continue, Bitcoin needs to reclaim $55,881 as support in an attempt to reenter the bottom of the black channel below. Looking at the current point, Bitcoin seems to be holding steady above this support for the time being, which is a good sign.

Judging from the 4-hour trend, the Bitcoin Relative Strength Index (RSI) showed a bullish divergence before the price recovery over the past three days. RSI is an oscillating momentum indicator that follows a trend and is used to assess whether the market is overbought, oversold, or in a cumulative range. When prices fall but momentum increases, there is a bullish divergence, which usually results in higher prices.

The bullish divergence could suggest that bulls are taking control of the market and are planning to push the price near $59,000, or the 200-day exponential moving average (EMA), in the short term.

A rebound, but there are few catalysts

August and September have proven to be months of unusually weak Bitcoin price performance, while October and the fourth quarter are generally favorable for price trends. In the weeks leading up to the fourth quarter, Bitcoin bulls may only be looking forward to potential catalysts other than cryptocurrencies. This includes macroeconomic news such as employment, inflation data, and the Federal Federal Reserve policy, as well as the US presidential election. Currently, Trump is showing a friendly attitude towards cryptocurrency, and He Jinli has not mentioned it so far.

Institutions buy Bitcoin options in large quantities

Trump and He Jinli will have a candidate debate tomorrow, and the US will release August CPI data on the evening of Wednesday (9/11), which is expected to increase market volatility.

Some institutions seem to think the market has bottomed out and are using this opportunity to increase bullish bets for December and March. This includes large purchases of Bitcoin options due in March 2025 at exercise prices of $85,000, $100,000, and $120,000.

The recovery in the market also confirmed what I said over the weekend that the Monday market must reach 58,000. Looking at it now, it's not bad at all; it's just a few hours late.

In the midst of last Monday's panic, I've been advising everyone not to cut meat. As long as you don't buy a garbage cottage with high inflation, it's fine

In the face of this kind of market, if you can't see the direction clearly, be dominated by emotions, cut the bottom, or go short, you will lose a lot

It's actually best to hold it and not move

Judging from on-chain data (1) stablecoin stocks in the exchange began to rebound (2) BTC within Binance showed an outflow trend

Next, let's take a look at the CPI data for 8:30 p.m.

Chances are that it will be beneficial. At best, there are advantages and disadvantages in a timely manner

The current overall situation is that the US economy is in a slight recession, and interest rate cuts are imminent, and Mentougou is putting pressure on digestion; they are not sure about the short-term range; they are looking for long-term profitable solutions: hold on and wait for an increase.