6.1 Market Analysis

Bitcoin has once again retreated near the support line around 103,000 after a low period, and currently, the sentiment is slightly warming up. The price has rebounded back above the 1,045,000 level. The key focus going forward is the breakthrough sentiment at 106,000. If the rebound starts to lose momentum and fails to break through this resistance area, it will indicate that a downward correction will begin again, with the potential for the price to break below the 103,000 level. The short-term market rebound has entered a consolidation phase.

On the 4-hour level, a long lower shadow has recently appeared, indicating strong support around 103,000. After three consecutive days of bearish candlesticks on the daily chart, a bullish candlestick has emerged, but it has not broken through the previous high resistance level. MACD: The fast and slow lines on the 4-hour level flattened after a death cross below the zero axis. On the daily level, the MACD histogram continues to shrink. The 4-hour RSI (14) has stabilized around 40, and the 1-hour RSI (14) broke above the neutral line of 50, maintaining around 55. The price has broken above EMA7 (104,542) but is being suppressed by EMA30 (106,157), forming a short-term moving average convergence. Although a rebound has occurred, the subsequent supply is insufficient, and the trend has not stabilized upward. If the price cannot sustain a rebound and break through the previous high resistance during the day, it is expected that the consolidation will continue for a while. Daily operations can focus on high shorts around 101,200 to 108,100.