Today's Bitcoin market shows a typical consolidation pattern, with both bulls and bears fiercely competing around key price levels. As of the time of writing, Bitcoin's price fluctuates between $104,161 and $106,000, with a 24-hour increase of 0.3% and a trading volume of $40.744 billion. This article will analyze the current Bitcoin market trend and possible future directions, combining technical indicators, market sentiment, and macroeconomic factors.
Bitcoin has shown a narrow fluctuation trend after today's opening, currently hovering around $105,000, continuing the recent characteristic of bizarre shrinking trading volume. From a technical perspective, the market is at a critical turning point, with $106,000 above acting as a pressure point starting to pull back. If the pressure point is difficult to break through, the subsequent trend will continue to be sluggish. As the leading cryptocurrency, Bitcoin's trend has more or less an impact on other coins, both positively and negatively. Studying Bitcoin's trend is beneficial for analyzing other cryptocurrencies.
Technical indicators and pattern analysis
--MACD and volume indicators
The MACD indicator shows that the green momentum bars are expanding, and the short-term moving averages are pressing down, indicating that the bearish strength is temporarily dominant. However, the recent appearance of the 'Morning Star' and bullish engulfing patterns suggests a possible short-term rebound, but analysts warn that the height of this rebound may be limited.
--RSI Indicator
The Relative Strength Index (RSI) is in a neutral zone, showing neither overbought nor oversold conditions. More critically, there is a clear bullish divergence between the price and RSI—while Bitcoin's price has created lower lows, the RSI trend is rising, indicating that bearish momentum is weakening and a bullish reversal may be imminent.
--Triangle breakout pattern
Bitcoin is trading within a descending triangle pattern. Analysts point out that if the pattern is successfully broken, the price may rise to the target of $118,000. In the short term, the price may deviate below the trendline of $107,000, leading to a common liquidity sweep.
Trading suggestions
Bitcoin suggests short at around $105,200 with a target of $104,000-$103,500.
Ethereum suggests short at around $2,600 with a target of $2,540-$2,500.
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