Bitcoin, altcoins rally: is it a dead cat bounce?

Bitcoin recovered sharply above $69,000 after plunging to $60,000 on Friday, reopening the door for a retest of the breakdown level at $74,508. The drop pushed the Crypto Fear & Greed Index to 9, its lowest since June 2022. Veteran trader Peter Brandt said the decline had "all the fingerprints of campaign selling, not retail liquidation," while market analyst Subu Trade noted the weekly RSI fell below 30 — an event that has happened four times previously and preceded an average one-month gain of 23.34%.

Several major altcoins have begun a relief rally but are likely to run into selling at moving averages. Ether plunged below $2,111 to $1,750 and faces strong resistance at the $2,111 breakdown level, with the next support at $1,537 if buyers fail to hold. BNB dropped from $730 to $570, leaving the RSI deep in oversold territory; a shallow rebound would raise the risk of a slide to $500 unless buyers can push BNB above $730 toward the 20-day EMA at $798.

XRP fell below the descending channel support and the Oct.