The market for Bitcoin is really quite tumultuous; it was pushed up to the doorstep of 105000 twice in the middle of the night, only to be knocked back down. Right now, the price is hovering around 103500, neither going up nor down.
This chart just makes one feel sleepy, the entire market is tightening up like a shrunken sweater. This morning's drop was clearly due to those old men at the Federal Reserve sounding hawkish again, saying that interest rate cuts still need to wait a bit longer, scaring the market.
Looking at the four-hour chart makes it even clearer; the Bollinger Bands look like a squashed spring, with the upper band pressing down and the lower band pressing up, while the price twists and turns in the narrow space in between. Although recently the price has been oscillating between the upper and middle bands, making it seem like the bulls have a slight advantage, in reality, neither side can overpower the other.
Switching to the one-hour chart, the resistance level is pressing down like a ceiling, and the support level is propping up like a trampoline; the price is bouncing back and forth in this range of less than 2000 dollars. Right now, this trend is like a tightening belt, which could snap at any moment, and when it does, it will either shoot up or plunge down.
Currently, this market is best suited for sitting on a small stool to watch the show, waiting for whichever side can’t hold out any longer before making a move.