Recently, the Bitcoin market has been a bit volatile, but overall it remains strong; it's just that the momentum to push upwards keeps getting hindered by something. Looking at the daily chart, the price is currently fluctuating between the middle and upper bands of the Bollinger Bands, but it hasn't been able to really break through and touch the upper band for several days now, which indicates that while there is still upward momentum, there is significant resistance above.
Right now, Bitcoin is at a quite critical price range. The area between $109,300 and $110,000 is an important resistance level; if it can break through this barrier, then the upward trend would be considered stable; however, if it can't get past it, the market may have to retrace down to the support level.
It's important to note that around $105,000 is a key support level. This is not only where it previously dropped to but is also quite close to the middle band of the Bollinger Bands. If the price really falls below here, it may continue to drop, with targets possibly down to the $102,000 to $101,000 range.
Overall, Bitcoin is still fluctuating at high levels, with no major movements in the short term. Unless the trading volume increases significantly and it breaks through the $109,300 to $110,000 resistance area, the upward potential may be limited. Investors need to keep a close watch, especially on the volume changes when the U.S. stock market opens—if it rises but fails to break through the resistance area, there could be a chance of a retracement.
In this market situation, everyone needs to be cautious and pay more attention to market trends. If it really breaks through the key resistance level, it may start a new round of increases; if it can't break through, the probability of a retracement increases. Regardless, before making investment decisions, all factors need to be considered comprehensively, and don't rush to act.
Market trends never believe in fancy rhetoric; following precise strategies is the way to keep pace with the pulse of wealth, and those without ideas should keep up with the speed.
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