This Week's Review: Overall Wide Fluctuations, Intense Bull-Bear Struggle
In the past week, Bitcoin's price has moved like a roller coaster, repeatedly tugging in the high range. Although the price briefly surged close to $98,000, each attempt to break through was quickly suppressed by bears, with the lowest point dipping below the support of $97,000. Market sentiment fluctuated between hot and cold, with buying and selling alternating dominance, leading to frequent price swings. Especially in the latter half of the week, volatility significantly increased, and trading volume also rose, but funds showed a net outflow, indicating that many investors quietly reduced their positions during the rebound. This oscillating pattern reflects a significant disagreement between bulls and bears, with neither side able to fully control the situation, resembling a tug-of-war.
Technical Analysis: Bearish Trend, Beware of Further Downward Movement Next Week
From a technical standpoint, Bitcoin has temporarily held above the $97,000 level, but the strength of the rebounds has weakened each time, with high points continuously declining. This increasingly lower bounce pattern is often a signal of a downward trend. The current price seems to be pressed under a gradually descending resistance line, with each rebound hitting a ceiling and bouncing back, while the support below is constantly being tested. More critically, market funds are continuously flowing out, indicating insufficient confidence from major funds in the market's future, and retail investors' enthusiasm for chasing prices is cooling. If Bitcoin fails to hold above $97,000, it may trigger a new round of selling, testing the $95,000 area or even lower.
Overall, Bitcoin's fluctuations this week seem more like a halftime break before a decline, rather than a genuine stabilization. It is advised to remain cautious, not to be misled by short-term rebounds, and to patiently wait for a clear direction before taking action. If one must attempt to catch the bottom, it's essential to control the position size, as the risk of catching a falling knife is not small.
Short-Term Trading Suggestions:
$BTC $ETH #市场清算 Short Bitcoin around $98,000, with a target around $95,500; Short Ethereum around $2,740, with a target around $2,630.