$BTC

Share the current market analysis.

Weekly:

Last week, a narrow-volume bearish candle was formed, which is close to the support level of the second long-term uptrend line. The closing combination pattern is bearish, but the support below is relatively strong, so it is inclined to continue to maintain a range-bound market, with a fluctuation range of 76600-88772.

Daily:

On March 24, the price rebounded to 88772 and encountered resistance near the upper descending trend line, after which it was pushed down by the bears. The market is still above the uptrend line, and this morning a small bearish candle with low volume was formed. Currently, it is in the third wave of decline after two waves of rebound, and there are no obvious signs of stopping the decline. It is worth observing whether subsequent K-lines show signs of stopping the decline.

Summary:

The weekly trend background is a mid-cycle bull market, in an adjustment period, with a closing formation showing a narrow-volume bearish pattern. However, the lower part belongs to the dense trading area of the previous consolidation of 238 days, which has strong support, so the probability of continuing to maintain the range-bound area is relatively high.

The daily trend background is a downward continuation, with strong support below, belonging to the third test of the low point support level. If an obvious stopping signal appears again, the probability of bottoming out will continue to increase, which will gradually enhance the likelihood of a reversal. Observe whether the bulls' volume increases in the future.

Macro-wise, the expectations for interest rate cuts in July, September, and November are relatively strong, while the Ethereum Prague upgrade date is tentatively set for April 30. Expectations for interest rate cuts in May and June are starting to weaken, and the overall market sentiment is relatively sluggish. Still, as the saying goes, the long-term trend is difficult to manipulate by major players; at most, they can influence the short-term trend. As long as the long-term trend remains unchanged, be patient in holding, or during this period, create cash flow to gradually increase positions.