The price of Bitcoin has once again pushed to the front line near the historical new high today. It has stabilized above 106,000 for more than 8 hours, meaning that over 98% of historical trapped orders can be released, with those wanting to exit and observe having ample time to escape. At this moment, the pressure point is around the daily consolidation level around January 20 of this year, when the general upper boundary of the daily line was around 107,000.
This action of stabilizing the price near the previous high indicates that there are substantial buy orders and funds to absorb the current sell orders. It allows those who are trapped to sell, as well as the market's profit-taking escape, indicating that the main players have a higher demand for price increase at this time, allowing the absorbed sell orders to profit and exit later.
The current price is 106,500, just 3,000 USD away from the new high of 109,600, meaning a price increase of 3% would break the historical new high. This movement is tactical proximity, waiting for the market sell-off to ease, after which continuous active buying can break the historical high.
Thus, based on the current formation, the medal predicts a very high probability of breaking new highs within the next 24 hours. Although the medal has repeatedly emphasized that it does not recommend participating in long positions near new highs to avoid price pressure and pullbacks, it has also stated that there will inevitably be a breakthrough in the journey to new highs. Considering the current formation, the medal believes that this time the breakthrough probability is greater, and it is no longer suitable to short at high positions.
Of course, the technical formation is one aspect, but more importantly, it is observed from the objective market actions. Firstly, there is a continuous large capital inflow into the U.S. spot ETF. Market players have significantly increased their BTC long positions. Various U.S. states are passing Bitcoin reserve bills, etc. All signs indicate that a Bitcoin bull storm is about to arrive.
Considering the current situation, the medal does not recommend everyone to engage in high-level boundary short positions for counter-speculation. A conservative approach would be to observe, as there are significant volatility risks during the price's journey to break new highs. During the process of breaking new highs, there is a large amount of active buying from the main players, resulting in high price stability and strong absorption capacity, making it the best time for large holders to sell. Once a sudden large sell-off occurs, consuming the funds for the price surge, the upward plan will cease. Therefore, it is more advisable for everyone to wait and observe. Usually, the price of Bitcoin leads, followed by mainstream coins, so opportunities will not be missed. The price of Bitcoin surging far beyond new highs presents a brave participation opportunity for mainstream coins during the period of high price consolidation.
More new high plans can focus on obtaining the best strategy for the medal.
