Evening Analysis on 6.23

From the 4-hour trend of Bitcoin, the current market's weak oscillation continues. The price is still lingering around the middle Bollinger Band, clearly showing that the bulls are firmly occupying the upward momentum in the short-term battle.

During the early session, there was an attempt to launch a strong counterattack, which briefly brought a glimmer of breakthrough to the upward trend. However, it is regrettable that the trading volume in the suburbs did not expand accordingly. This upward push was like a rocket without fuel, lacking the sustained upward momentum necessary to form a true bullish trend, and was quickly forced back down by the bear pressure.

Currently, the 103000 level has become a daunting 'moat' that is difficult to cross. If this key resistance level cannot be effectively breached, it will be nearly impossible for Bitcoin to see a significant rebound. The current market volume is extremely sluggish, and although there are occasional attempts to intervene at key support levels to stop the bearish trend, these sporadic buying efforts are too weak to contend with the bearish pressure, making it difficult to form solid support.

If Bitcoin cannot establish a foothold within the support range in the short term, the bears are likely to seize the opportunity to further expand their gains, leading to a larger-scale downward movement. At that time, downward pressure on the market will continue to increase, and Bitcoin will be trapped in a deeper level of weakness.

Bitcoin: around 102200-102700 resistance

Target: around 100800-100000

Second Bitcoin: around 2280-2310 resistance

Target: around 2210-2170

Note: Angkor homepage