The current price of BTC is above the middle band of the Bollinger Bands, indicating that short-term bullish strength is dominant, and the trend is relatively strong; previously, the price rebounded significantly from the lower band and is currently in a recovery phase. The lower band provides strong support, while the upper band acts as a short-term resistance level.
From a technical perspective, the short-term RSI (6-period) has broken through 50, indicating sufficient short-term bullish momentum, but it has not yet entered the overbought zone and still has room for upward movement. The mid-term and long-term RSIs are in a recovery process, and overall market sentiment is gradually improving. The KDJ indicator's K and D values are at a high level, with the J value nearing 100, indicating that short-term bullish strength is quite sufficient, creating a pullback pressure; however, the KDJ is still in a bullish arrangement, and if it does not turn downward, the short-term trend may still be strong. The MACD indicator shows that bullish momentum is significantly increasing, and the mid-term trend is leaning towards bullish.
Previously, BTC quickly fell from a high point of around 126200 to around 101500, and then began to rebound, with recent consecutive bullish closes indicating strong rebound strength. Overall, in the short term, BTC is in a pattern of "strong rebound but beware of overbought pullbacks." Support is focused on the Bollinger middle band around 114000, and if it does not break upon a retest, the bullish trend may continue; resistance is focused on the previous high range and near the Bollinger upper band around 120000, and if touched, a turn in KDJ may lead to a stage pullback. $BTC