Bitcoin has shown a medium-term bullish trend since mid-April, with prices rising sharply from 82991 to a high of 111995, with an overall increase of more than 35%. It is currently in a high-level consolidation phase, with a strong trend.
The bullish trend is still there
From the MA moving average system:
MA7 > MA15 > MA30 > MA99, showing a typical bullish arrangement, with a healthy trend structure;
MA99 moving average (long-term trend) continues to rise, and the current support area is around 95800.
Oscillating and consolidating to build a top? Or accumulating power at a high level?
Since hitting a high of 111995 on May 21, BTC has been trading sideways for nearly a week, fluctuating between 108000 and 111000;
There has been no typical breakout and decline pattern, nor has there been a large-volume plunge, indicating that funds are still gambling at high levels;
If the subsequent large-volume breakthrough above 112000 opens up a new round of upside, and the target may point to the 115000-120000 range.
Key support and risk points
Current support levels: 107500, 104800;
If it falls below the MA30 moving average (currently around 101300), it is necessary to guard against the risk of a short-term head;
Pay attention to the opportunity of a second pull-up without breaking the retracement.
