*Short-term trend
Support and resistance levels
- Main support: 103,500 - 103,700 USDT
- Main resistance: 104,200 - 104,500 USDT
- Next strong resistance: 105,000 USDT
Technical developments
- Based on K-line data, Bitcoin is in a short-term downtrend after falling from 105,547 USDT to below 104,000 USDT
- Trading volume shows signs of increasing during sell-offs, indicating that selling pressure still exists
*Daily forecast
Scenario 1: Continued correction
- Price may decline further to the range of 102,800 - 103,000 USDT if the current support level is not held
- Selling pressure will increase if the US stock market opens negatively
Scenario 2: Technical recovery
- If the support level of 103,500 USDT holds, BTC may recover to the range of 104,200 - 104,500 USDT
- News about Tether investing billions of USD in Bitcoin mining may provide price support
Scenario 3: Sideways accumulation
- BTC may consolidate in the range of 103,500 - 104,200 USDT to accumulate before a clearer movement
- This is a fairly common scenario after strong declines
*Factors to monitor
1. Institutional cash flow: Continue to monitor the activities of Trump Media and large organizations investing in Bitcoin
2. Stock market volatility: US stock indices such as S&P 500, Nasdaq have a significant impact on crypto market sentiment
3. Trading volume: If trading volume increases significantly when the price rises, it will be a positive signal for recovery trend
Based on current factors, Bitcoin is likely to find a bottom in the range of 103,000 - 103,500 USDT before making efforts to recover to the range of 104,000 USDT by the end of today.
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