In terms of the overall structure of Bitcoin, this pullback is a concentrated release of short-selling momentum after being blocked by the high pressure level above for a long time. Combined with the U.S. stock market closing, the magnitude of the pullback is relatively large compared to previous fluctuations.
On the hourly chart, the accelerated release of short positions in a short time has helped the price break through the lower boundary, the mouth of the bag expands, the lower boundary and technical indicators are all pointing downwards, but with the reduction in the release of the long positions, the space will not be too large. We still need to pay attention to whether the strong support level at 93500 can hold.
