Bitcoin Weekly Market Overview: Key Levels and Trading Strategies
In the past week, Bitcoin's movement has been quite tangled, like playing on a seesaw:
Price Trends:
At the beginning of the week, it fell in the range of $88,000 to $90,000, with the market in despair.
In the middle of the week, it suddenly surged past $91,000, with a daily increase of 5%.
By the weekend, it was stuck between $91,000 and $92,000, unable to move.
Key Data:
Large holders quietly bought 18,000 Bitcoins this week.
Miners sold 7,000, creating some pressure.
The exchanges have 23,000 fewer Bitcoins, which is good news.
Technical Analysis:
Support Level: $88,000 (recent low), a break could lead to $85,000.
Resistance Level: $94,000 (previous high), a breakthrough could push towards $100,000.
Indicators show a stalemate, with volatility narrowing.
Trading Suggestions:
For short-term traders:
A breakthrough at $92,500 could be worth a small position test.
A drop below $89,000 suggests stopping losses.
Avoid using high leverage, as current volatility makes it easy to get liquidated.
For long-term investors:
In the range of $85,000 to $90,000, consider buying in batches.
Target is $100,000 (waiting for the halving market).
Don't bet all your money, keep it within 30%.
Risk Warning:
Be cautious of U.S. stocks dragging down the crypto market.
Watch if miners continue to sell.
The good news is institutions are still buying, with nearly $100 million flowing into ETFs weekly.
Personal Opinion:
Bitcoin is currently like waiting for the starting gun; it may fluctuate between $88,000 and $94,000 in the short term. If it breaks $94,000, there could be a wave of market activity; if it drops below $88,000, it may test the $85,000 support. I advise not to be too aggressive now; wait until the direction is clear. Remember, there are always opportunities in the market, but you only have one principal! Now that the main market has corrected, the bull market will start soon. I have carefully selected an altcoin expected to grow fivefold; leave a message and like for a free share.