The morning Bitcoin has successfully broken through historical highs as expected and is showing a trend of continuously rising points. The altcoin has followed Bitcoin's rise to 2600, and currently both sides are experiencing some pullback with brief fluctuations and adjustments.
From an overall market perspective, the smaller time frames have left long wicks on the candles, providing good pullback space after the surge, and the adjustments are also building energy for another rise.
The consecutive daily candles have shown an unstoppable momentum for Bitcoin. Currently, after breaking the historical high, it will pull the new high to a certain level before undergoing a consolidation adjustment, with a periodic target still at 115000.
The technical indicators on the four-hour and hourly charts are both in an upward state. Currently, the price is mainly operating around the upper band, and with the K-line showing an upward trend, the short-term will continue to explore higher levels before pulling back. For some time, the price will fluctuate frequently, with a key pullback focus at the 108000 level. This level is also the critical entry point for the long position in the smaller time frame; if it breaks below, it will continue testing the support at around 106000.
On the fundamental side, the easing of tax collection, interest rate cuts, and optimistic expectations regarding regulatory monitoring provide the premise for price increases. The selling of U.S. bonds, the decline of U.S. stocks, and the drop in the U.S. dollar index create a bearish scenario for the U.S. dollar, bringing strong benefits to non-U.S. dollar direct investments, with a large influx of capital providing basic support for upward trends.
In the short term, Bitcoin on the Silk Road is referenced around 110000, looking at 112000; the altcoin is referenced around 2580, looking at 2700.
