Yesterday, Bitcoin continued to reach new historical highs, peaking around 112,000. Currently, the daily chart is still in a main upward trend, and no reversal is seen for now. This round of increase has exceeded expectations, likely due to early speculation on interest rate cuts for the second half of the year; therefore, when the actual rate cuts are announced later, it may not necessarily continue to rise significantly.
In terms of price movement, as long as we close above 106,000 this week, it will mark the seventh consecutive weekly gain, which is quite rare. We are waiting here for two weeks to observe if a reversal occurs.
On the daily chart, the 20-day moving average is currently around 103,500, which is a dividing line between bulls and bears; if it does not break below this level, it is hard to say this round of upward momentum has ended.
Currently, with a bit of intoxication and a bit of clarity, this year we will see an important top, thus ending the bull market that started from 15,000.
Summary:
1. Bitcoin is currently in short-term volatile trading; it is highly likely to see a slight pullback in the next couple of days, but it is expected to be shallow.
2. Observe if a reversal occurs in the next two weeks to potentially end this upward trend.
