Midday Thoughts
Looking back at the morning market, Bitcoin faced resistance around the 120,000 level and subsequently showed a continuous downtrend. As of the midday period, the price has dipped to around 116,500, with a clear short-term downward momentum.
The MACD dual lines maintain a downward divergence, consistently running below the zero axis. Although the energy bars have not significantly expanded, they continue to be released steadily, indicating that bearish momentum still dominates, with a lack of effective signals for a bullish counterattack in the short term.
Bitcoin can be bought in the 117,000-116,200 range.
Target can be around 118,500.
