#BTC重返10万 5.9 Morning Market Overview: BTC Returns to 100K and Stabilizes

As of this morning, all three major U.S. stock indices closed up; the Dow rose 0.6%, the Nasdaq rose 1.07%, and the S&P rose 0.58%. The rise in U.S. stocks has also driven a surge in cryptocurrencies, with Bitcoin returning to 100K, reaching a high of 104.3K, everywhere proclaiming the return of the bull market.

Bitcoin opened with a large bullish candle this morning, marking four consecutive up days, and has been consolidating to absorb positions during the day; yesterday, Bitcoin rose from 96.8 to 104.3, nearly 8000 points, no wonder everyone is talking about the return of the bull market; however, this is indeed the bull market trend from mid-November last year, a single-sided rise of 8000-10000 points is quite normal, and the high points created by Bitcoin in three months are worth celebrating.

Returning to the chart, we look at it through Wyckoff's method. After the initial supply, yesterday's rush to buy means the market will likely consolidate around 10.27 for a while to absorb positions. Once the positions are absorbed, the market will naturally pull back, triggering a long squeeze, and then absorb positions again before completing this wave of Wyckoff theory in the 10.64-11 range.

Support below for Bitcoin is at 10, 97.8, and 95.6, with resistance above at 10.43, 10.64, and the historical high of 11; currently, it looks like a consolidation phase to absorb positions, and Bitcoin is looking for new support, so we will wait patiently; in front of the trend, we adapt and buy on dips; any retracement of Bitcoin to the 97.8-95.6 range is a buying opportunity, with a wide defense at 93.3, targeting 10.2 and 10.43; similarly, if the right side also retraces without breaking the range, we enter long positions, or if it breaks the range, we can enter long positions after a pullback to the upper support.

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