BTC continued to rise last night, rebounding alongside US stocks. It then entered a period of fluctuation. The consolidation lasted until the morning close, followed by a slight pullback during the day. So, does the short-term high-level consolidation still have momentum to continue pushing upwards?
From the data, Bitcoin ETF continues to see net inflows, serving as a backbone for the short-term rebound. Meanwhile, the upcoming corporate buyback window for US stocks will also act as a driving force for the rebound. Future continuous inflows into ETFs will be a necessary condition for the ongoing upward momentum of Bitcoin.
From the chart, high-level consolidation has turned into fluctuation, and it is slightly trending upwards, which can generally be seen as a relay action. However, the short-term structure has not yet formed a complete continuation. This will require some time for verification. If there is another increase in volume and a continued rise in the short term, it will further deplete the bullish momentum. As previously stated, it will be more powerful and lasting to push upwards after a consolidation continuation.
Small-scale issues have arisen as the volume increases without a strong push upwards, and selling pressure in the market has started to appear, so there is a risk of short-term pullbacks, which needs attention.
Several positions to pay attention to
Support position
First position 92000-92700
Second position 90700-90900
Third position 89450
Resistance position
First position 96226
Second position 97709
Third position 102155
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