FTX has begun to distribute $6 billion in stablecoin funds to creditors, which has injected some confidence into the market.
The daily MA5 and MA10 moving averages have formed a strong pressure level in the 96200-96600 area, and the MA60 moving average on the 4-hour chart has also played a suppressive role. In the short term, BTC is expected to continue to test the resistance level near 97500, and then there may be a pullback to around 96000 to retest the support level. In addition, the BTC rainbow wave indicator shows that the current price is at the 10% percentile, close to the lowest point in three years, which means that the opportunity for swing position building is emerging.
