Since Bitcoin reached a high of 97840 last Friday night, it has been constrained by heavy selling pressure above, and bulls have repeatedly failed to push the price higher, leading to a downward pressure.
Over the weekend, market trading activity decreased, compounded by negative macro data, resulting in a volatile downward trend in coin prices, with a noticeable increase in market wait-and-see sentiment.
The technical side has shown dual reversal signals: during yesterday's Asian session, the price effectively broke below the key support level of 95500, breaking the short-term sideways pattern;
The 5-day moving average and the 10-day moving average formed a standard death cross, the MACD indicator's two lines fell below the zero axis, and the green momentum bars continued to expand, establishing a bearish technical pattern, necessitating a timely shift in operational strategy towards defense.
Although there was a rebound to 95708 overnight, the trading volume did not increase accordingly, highlighting insufficient bullish momentum and further strengthening the bearish control pattern.
Early this morning, bears concentrated their efforts, with a minimum drop to 94503, creating a new low for this stage.
In the future market, it is necessary to pay close attention to the struggle for the support range of 93800-93500 at the four-hour level: if this area forms effective support, it may trigger a technical rebound in the short term, with attention needed on the resistance strength at 95000 (previous low conversion pressure) and the key integer level of 95500;
If support is lost, it may open a downward channel, with 92000 and 90000 integer levels becoming important observation points.
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