Bullish control, how high can BTC go?
From this 4-hour candlestick chart, BTC is currently in a relatively strong position, with the price firmly above the moving average, indicating that both the short-term and mid-term trends are upward. The fast line of the MACD is above the slow line, and the histogram is expanding, suggesting that bullish strength is still increasing. However, the RSI has already surged above 80, which is considered an overbought area, implying that there may be short-term pullback pressure, similar to needing to catch one's breath after running too fast.
The latest candlestick closed at $106,500, up 0.39% from the previous one, but with a volatility close to 1%, indicating some market fluctuations. If it can maintain above $106,000, it may continue to rise and test resistance levels of $108,000 or even $112,000. However, if it falls below the support at $105,800, it may retrace towards $104,000.
Considering the news front, market sentiment is currently somewhat optimistic, but the overbought signals and potential profit-taking pressure need to be monitored.
In the short term, there may be fluctuations or slight pullbacks, but the trend hasn’t turned negative yet; the key is whether $106,000 can be held. If it breaks the previous high on increased volume, another surge is possible; if it declines on lower volume, one should be cautious of a deeper retracement.
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