According to the latest information, the current trend of Bitcoin (BTC) is as follows:
1. Price trend: From the recent market situation, Bitcoin has been hovering near key resistance levels after experiencing prior volatility. Currently, both bullish and bearish parties are in fierce contention, with bulls trying to stabilize at key price levels while bears are attempting to hold onto the resistance zone.
2. Key resistance and support levels:
• Resistance levels: Currently, the key resistance levels above Bitcoin are around 92913, 93395, 93816, 94673, and 95706. If these resistance levels can be effectively broken, it will likely escape the descending channel and further open up upside potential.
• Support level: The support level below is around 85000, where a significant number of short positions are concentrated. If the price reaches this support level, it may trigger a rebound.
3. Technical analysis:
• Short-term trend: From the 4-hour chart, Bitcoin is currently in a correction phase, but the overall trend remains bullish. The support levels for the correction are around 91883 and 88919.
• Long-term trend: From the daily chart perspective, Bitcoin's 20-day moving average has started to rise, and the relative strength index (RSI) has jumped into positive territory, indicating bullish dominance. If the price remains above the key resistance level, it will create conditions for a rebound to higher levels.
4. Market sentiment and capital flow: The U.S. spot Bitcoin ETF has continued to see intraday capital inflows recently, indicating that market participants are cautious but overall not pessimistic. Additionally, on-chain analysis firm Santiment noted that the significant decline in the number of Bitcoin wallet addresses over the past month typically signals a price rebound.
In summary, Bitcoin is currently near a key resistance level, and bulls are working hard to break free from the descending channel. If they can effectively break through the above resistance level, further upward movement is expected; if not, it may continue to oscillate within the current range.