$BTC

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Bitcoin market analysis: Will the pullback continue, can we regain the upward trend today?

Yesterday's Bitcoin price movement was quite interesting —— a rapid surge in the morning, completing the final sprint of a week-long upward cycle, followed by a phase of consolidation and pullback. Looking at the chart, the price peaked at 122335.16 before retreating, currently running around 119143.08, with the moving average system showing a consolidating adjustment trend.

From a daily chart analysis, due to ETH (Ethereum) rising strongly, Bitcoin's previous days of daily adjustment were pulled back into the upward channel. However, yesterday's peak did not create a new high, indicating a short-term pullback after last week's upward movement. It is expected that the early part of this week will continue the consolidation and pullback to meet the daily adjustment needs, with 117200 being a key support level. If this level is not broken during the pullback, the probability of bullish momentum in the future is high.

Short-term, the adjustment pattern that started yesterday has not yet completed, and we need to be cautious about a small downward adjustment in the early session. If this action is completed, today may start the second phase of consolidation and pullback —— a rebound. Everyone should closely monitor the 117200 support and the changes in price patterns. If the support holds and a stop-loss signal appears, Bitcoin is likely to regain its upward momentum and strengthen again!

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