Analysis of BTC Market on the Evening of July 23

This morning, Bitcoin first surged to around 120,247, then fell back to a low of 118,550, showing an overall trend of correction and recovery.

From the daily perspective, Bitcoin is still constrained by a downward channel, exhibiting a weak overall fluctuation. The bullish momentum is insufficient, and the short-term moving averages have failed to break upward effectively, with reversal signals awaiting further confirmation.

Looking at the four-hour cycle, the price continues to decline within a narrow downward channel, with the height of rebounds gradually decreasing. The sentiment for going long is relatively low, and the buying pressure from the bulls is weak. The moving averages display a bearish arrangement, with significant characteristics of bearish control.

Big Brother's suggestion: You can consider short positions near 118,500, targeting around 116,500. #币圈 $BTC