$BTC Latest Situation Update! The closing price is stuck at 107400 for 12 hours.
Last night, there was a rebound from 105000 to 107800, and this wave of rise was quite strong, but don't rush to chase after it. From a technical perspective, 105000 indeed has support, plus the expectation of favorable non-farm payroll data on Thursday, so the rebound is not surprising.
However, what really needs attention is the final approval for Bitcoin ETF on Friday—news-driven rises and real buying power are two different things; without sustained capital entering, pushing to 110000 is just wishful thinking.
Currently, the most critical level on the chart is at 109300, where the bearish forces are concentrated. It is recommended to set short positions in the range of 108500-109300.
For long positions, don’t rush to bottom-fish unless it pulls back to the golden zone of 104688-103688 before taking action.
If the ETF news fails to break 109000, be cautious as bulls may turn and sell off; the overall trend remains bearish, so don’t be fooled by this rebound!
The next 10x coin is about to be born; on July 30th, the day of the interest rate cut, the 10x coin code will be announced, so stay tuned.