Below is the price trend analysis of Bitcoin (BTC) for #价格趋势分析 :

Short-term Trend

• Price Fluctuation: According to news on February 22, BTC price fluctuates around $98,000, with the overall market showing a sideways upward trend. However, the short-term EMA shows signs of a downward turn, indicating potential short-term pullback pressure, with prices fluctuating between $97,000 and $98,500.

• Technical Indicators: The key support level at $98,100 is significant, while $98,500 acts as an important resistance level. In the short term, there is a demand for market consolidation; if it drops below $97,500, it may confirm a short-term trend reversal, while a breakthrough above $99,000 would indicate the continuation of an upward trend.

• Market Sentiment: The market sentiment is cautious, with multiple appearances of the “Doji” candlestick pattern, indicating a temporary balance of power between bulls and bears, with investors being relatively cautious about short-term movements.

Medium-term Trend

• EMA Trend: The medium-term EMA maintains an upward trend, indicating that the medium-term market trend remains strong, suggesting that there is still upward momentum overall for the foreseeable future.

• Event Impacts: If institutional investment frameworks are improved in March, it may trigger “supply squeeze” pushing prices upward; however, if the U.S. SEC continues to tighten scrutiny on crypto derivatives, it may introduce uncertainty affecting the medium-term trend.

Long-term Trend

• Positive Factors: Bitcoin is still viewed favorably as digital gold and a value storage tool, with the fourth halving expected to be completed in April 2024. Historical data shows that price peaks often occur 12-18 months after halving. The approval of spot ETFs opens the door for traditional capital to enter, with institutional holdings continuously rising. The long-term EMA is also rising, indicating a positive long-term trend.

• Uncertain Factors: If there is a severe global macroeconomic recession, increased geopolitical conflicts, or other black swan events, it could trigger liquidity contraction, suppressing BTC's upward space. Additionally, if more competitive cryptocurrency technologies or projects emerge, they might siphon market funds, affecting Bitcoin's long-term development.