After Bitcoin surged and then retraced yesterday, it briefly dipped this morning but quickly stabilized. The $107,000 support level shows strong buying interest—an "engulfing" pattern formed on the four-hour chart, with volume shrinking by 37% during the pullback, indicating a decrease in selling pressure. The lower Bollinger Band support on the hourly chart is effective, with the price rebounding above the middle band. The MACD green bars are shortening and are about to form a golden cross, strengthening short-term bullish signals.
The bullish fundamentals are gradually materializing: against the backdrop of escalating conflicts in the Middle East, the market is re-recognizing Bitcoin's safe-haven attributes. Grayscale BTC Trust saw a net inflow of $230 million in a single day, reaching a nearly one-month high. On-chain data shows that the proportion of holdings by long-term holders has risen to 68.2%. There are signs of accumulation by whale addresses in the $105,000-$108,000 range, with 72% of large transfers over 2,000 BTC being in the buying direction. Although the shadow of Mt. Gox's selling pressure still lingers, on-chain monitoring indicates that 63% of the 12,000 BTC transferred in the past three days entered exchange cold wallets, suggesting that actual selling pressure may be overestimated.
Trading Recommendations
Bitcoin: 106500-107000 expect upward movement to 108500
Ethereum: 2560-2580 expect upward movement to 2650
