After a drop in the early hours of yesterday, the price started to move in a narrow range at the hourly level. After a drop following the opening of the US stock market, the price was pushed back to around 106600, forming a rebound at the hourly level. Currently, the price is around 107800.
The recent trend has been a wide fluctuation within the range of 106600-110450.
The daily line shows a small bearish candle with a short upper shadow and a long lower shadow. The trading volume remains normal, with the daily MA30 line maintaining an upward trend. The upward trend remains unchanged, while the MACD shows a slow increase in bearish momentum above the zero axis. Therefore, the adjustment at the daily level will continue.
The daily level is consolidating at a high position. We have been saying that the upward momentum at the 8-hour and 6-hour levels has significantly weakened and is insufficient to support a continuous price increase. A larger pullback is needed, such as support from the 12-hour and daily levels before continuing to rise (106100-104000).
Currently, the situation shows that Bitcoin's trend remains relatively strong, with hourly fluctuations still expected. It is essential to be cautious of significant pullbacks after the price reaches new highs.
Daily level resistance is at 120450-131000-140000, and support is at 106100-104000-101430-99456.
From Bitcoin's liquidation heatmap, we can see
The price is rising, with a large number of significant and oversized short positions waiting for liquidation in the 108900-109600 and 110300-114250 areas.
The price is falling, with a large number of significant and oversized long positions waiting for liquidation in the 106650-104600 area.
