Bitcoin at a Crossroads: A Close Analysis of the Last 12 Hours and Near-Term Forecasts!!
The Bitcoin market has experienced notable fluctuations over the past 12 hours, with the price declining by 2.3% to settle around $107,950 after touching $111,950 the previous day. This correction comes as part of the natural market movement after achieving new peaks.
Key influencing factors:
1. Profit-taking by some investors after the recent significant rise
2. Market impact from rising US bond yields
3. A 12% decrease in trading volume compared to previous days
From a technical perspective, indicators show:
- Strong support around $106,000
- Resistance at $109,150
- Relative Strength Index (RSI) at 58, indicating room for upward movement
Potential forecasts:
1. If the $109,150 level is broken, the price may rebound towards $113,000
2. If support at $106,000 is breached, it may drop to $102,000 before returning to rise
Tips for traders:
- Monitor developments in the Federal Reserve's monetary policy
- Focus on strong support levels for buying
- Use stop-loss orders to manage risks
Therefore, despite the current correction, the fundamental indicators remain positive for Bitcoin as inflows into institutional ETF funds continue. Traders are advised to focus on attractive buying zones with careful risk management.
