Analysis of Bitcoin Market on Monday

The market over the weekend was relatively slow, fluctuating within a narrow range for correction. Last night, after a quick rebound in the Bitcoin price around the 85000 area, the bulls did not continue but instead fell back down, with the lowest point in the morning session reaching around 82000 before rebounding for a correction action!

Currently, from the four-hour chart, after a washout action appeared in the early morning, the market is rebounding upwards to test the mid-line and short-term moving averages. The Bollinger Bands are in a contracted state, and the short-term moving averages are also running around the mid-line. The MACD fast and slow lines have turned downward and show signs of a reversal near the 0 axis, while the KDJ is testing upward. Overall, the market is facing resistance around the previous high, which is also the daily mid-line's pressure. Therefore, in the short term, we should first pay attention to this area. If it breaks through, we need to focus on the resistance below 87000, while also paying close attention to the support situation near 82000 below.