Based on the current 4-hour candlestick chart of BTC/USDT, I made the following technical analysis.
The current BTC price is $68,062 and is gradually approaching the previous high of $68,422. From the perspective of the moving average, short-term moving averages such as EMA5, EMA10, and EMA20 continue to show a bullish arrangement, indicating that market sentiment is still optimistic and the overall trend is upward. This situation shows that the buying power is strong, especially when the price rebounds quickly after a pullback to around $66,700, which also verifies that there is a strong support level in the short term.
From the perspective of the MACD indicator, although the DIF and DEA lines are above the zero axis, there is a slight convergence at present, suggesting that the bullish momentum has weakened. In particular, the bar chart turns negative, indicating that there is a certain pullback pressure in the short term. Investors should pay attention to whether the market will form a short-term consolidation at the current high.
Trend forecast for the next few days:
BTC may test the resistance level of $68,400 again in the short term. If it can effectively break through, it is expected to further hit the psychological level of $70,000. On the other hand, if the bulls fail to break through strongly, the price may fluctuate between $68,000 and $66,500. In this case, $66,500 and $65,000 will become important support levels, and breaking below these levels may trigger more pullback pressure.
Overall, BTC's upward trend is still dominant, but in the short term it may take a round of adjustments or shocks to accumulate power for the next round of gains. For investors, breaking through $68,400 is a key node. If the breakthrough fails, the adjustment will be a good buying opportunity.
