Bitcoin Hits New High, But Market Sentiment Remains Cautious
Bitcoin ($BTC) has once again set a new all-time high, but the market has not shown the expected frenzy. A harsh reality is that the vast majority of investors do not hold Bitcoin but are instead stuck with a large amount of deeply trapped altcoins. This round of increase has not led to widespread profit-taking; funds are still highly concentrated in BTC.
The Federal Reserve's interest rate decision announced in the early morning met market expectations. As we analyzed earlier, the market was just waiting for a catalyst to drive prices to break through. From a technical perspective, the candlestick pattern had long indicated this upward trend, and the bullish momentum has not yet weakened, leaving room for further upward movement.
Key Point Analysis
Resistance Range: 112,330 - 120,000
Support Range: 108,400 - 105,565 - 101,000 - 97,283
The upward momentum of Bitcoin has not diminished; there is still potential for a rise in the short term. However, caution should be taken regarding the possible sideways fluctuations that may occur later, at which point some altcoins may get a chance for a rebound. The current market structure shows that funds are still dominated by BTC, and investors need to remain rational and avoid blindly chasing highs.
