BTC Market Review and Trend Analysis
Last night, BTC's performance accurately aligned with expectations: initially luring bulls into the market, then probing the key support level of $93,000, subsequently attracting bears to follow, ultimately resulting in a double whammy for both sides.
After reaching a low of $93,370, the price rebounded, stimulated by news at 5 AM, surging to $97,800 with significant volume, precisely at the recent support level, where it encountered resistance and corrected.
New Hampshire in the United States passed the HB302 bill, incorporating cryptocurrency into strategic reserves. This sudden positive news caught the market bears off guard, with some short positions exiting only to break even.
Currently, there is a large accumulation of short liquidation chips above $97,800. Although driven upward by positive news in the short term, the key resistance level remains unbroken, and the market is primarily driven by contract funds, raising doubts about sustainability.
Bulls began to take profits after reaching the resistance level, compounded by significant selling pressure at the one-hour level, resulting in the market maintaining a range-bound oscillation pattern, awaiting a directional breakthrough.
It is worth noting that the upward momentum led by contracts is limited; only if the spot buying scale surpasses contract funds can we expect a substantial breakthrough.
Given the recent frequent disturbances in news, it is advisable to set stop-loss levels strictly to guard against the risk of directional misjudgment.
