Bitcoin Market Analysis: Bears in Control, Short-Term Rebound May Unfold
During the midnight period, the bulls in the Bitcoin market failed to show a strong rebound, and the overall market is still dominated by bears. In the early morning, the price continued to decline and briefly hit a low, temporarily stopping the drop after touching around 94111. Subsequently, the bulls quickly counterattacked, pushing the price up to the 97000 level, indicating that this support level still holds some strength.
From the price trend structure, since the high point, the falling cycle of Bitcoin has been significantly longer than the rising cycle. This indicates that the bears have an advantage in both time and magnitude, with the downward momentum being stronger than the previous upward movements. In this weak pattern, there is still considerable downside space in the market that cannot be ignored.
Although the current market structure has not undergone substantial changes, the overall trend remains bearish. Before a clear reversal signal appears, the dominant position of the bears is likely to continue. However, on the hourly chart, there is a noticeable long lower shadow, forming a hammer candlestick pattern, which usually indicates a counterattack signal from the bulls in the short term. Therefore, it is essential to observe in the morning whether a rebound will occur and to assess its sustainability and strength to determine the changes in bullish and bearish forces in the short term.
Nevertheless, considering the overall bearish trend, caution should be exercised in operations. The breakthrough of key price levels and changes in market volume will be important references for future trends.
Operational Suggestions:
- In the morning, pay attention to the strength of the rebound around 96600, with a short-term target focusing on the 98580-99300 area.
- If the upper pressure cannot break through, consider taking a short position, targeting the 95000-93000 range.
