5.16 Friday Afternoon Analysis of Bitcoin

The price of Bitcoin has been like a roller coaster these past few days, with intense fluctuations. It has been oscillating around 101500, with strong support at 101000 and equally strong resistance at 105000 above. Although there has been a rebound in the market, the overall pattern remains one of range-bound oscillation, and the strategy of rising and falling has not changed.

From the daily perspective, the price is hovering around the 7-day moving average. Although the overall trend remains stable, Bitcoin has not achieved a substantial breakthrough at 105000, and the MACD indicator has already issued a correction signal, maintaining a bullish outlook in the short term. It is expected that there may still be a surge during the day.

Bitcoin is trading in the range of 102300-102600, with a target in the 104100 range.

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