$BTC

Bitcoin Afternoon Market Analysis Report $BTC

As of this afternoon, the price of Bitcoin is $106,788, down 1.53% from yesterday, with a 24-hour fluctuation range of $105,700-$107,300, in a phase of correction and consolidation.

From a technical perspective, the RSI indicator on the 4-hour chart is in the neutral zone at 54; the MACD indicator's histogram is shrinking but remains above the zero line, indicating that short-term momentum is weakening but still positive. The Bollinger Bands have contracted and are expanding again, with the current price running near the middle band, the upper band at $108,500, and the lower band at $104,800, suggesting that the market may welcome a new round of volatility. The daily chart shows three consecutive bearish candles, but the price remains above the 20-day moving average (approximately $102,500), indicating that the mid-term upward trend remains unchanged.

In terms of market dynamics, as the options expiry date of May 31 approaches, the open interest (OI) has reached $23.5 billion, setting a new historical high, and price fluctuations may intensify before and after the options expiry. Capital flow data shows that over the past 5 weeks, Bitcoin ETFs have seen a cumulative net inflow of over $9 billion, with BlackRock's iShares Bitcoin ETF (IBIT) experiencing no outflows for 33 consecutive trading days, indicating institutional confidence in its long-term prospects. From the long-short position data, as of the morning of May 30, the long-short ratio of Bitcoin perpetual contracts is 1.31:1, with longs holding an advantage.

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​Operation suggestions: Range 105,300-105,600 for longs, target 106,300-107,000, with a stop at 106,800.