$BTC

Bitcoin reached a maximum of 104500 yesterday, then started to decline and retrace. In the short term, it continues to oscillate at a high level and has recovered the support level of 101500 three times. Historical trends show that after each surge, Bitcoin typically enters a consolidation period of about 2 weeks, which provides a good opportunity for swing trading. Currently, the key resistance level above is at 104500, and the support below is still at 101500.

The demand rebound at the bottom of the Bitcoin range has formed a small double bottom structure, and the momentum is still relatively strong. Before breaking down, the bottom of the range remains an ideal position for bullish layouts. Testing the top of the range for the third time, if it is a strong consolidation, the probability of a breakout is high. However, if the market breaks below 100000 again, it is estimated that it will not hold. But based on the current trend, I personally lean towards the possibility of an upward breakout being higher.