6.6 Friday Bitcoin Morning Market Analysis

In the market fluctuations early in the morning, the price of Bitcoin fell from around $103,000 to the $101,000 area. This price movement was influenced by the public disputes between Trump and Musk, leading to a general weakening of the cryptocurrency market.

From the four-hour chart structure of Bitcoin, the bearish candlestick has crossed the lower Bollinger Band, entering the oversold area. The price has dropped significantly, and the bearish momentum has dissipated too quickly. The length of the bottom bearish candlestick's body is quite long, and the lower shadow is elongated, indicating that there is strong buying support in the market at lower levels. Although it is still at the lower boundary of the range, the trend of a rebound has become quite apparent. From the one-hour chart, after the price touched around $101,000, a rebound occurred, with bullish forces actively defending the price. After the bullish candlestick was formed, the market created a star pattern. Although the MACD indicator remains negative, there are signs of narrowing.

Operational Suggestions

You can buy Bitcoin in the range of $101,500-$100,500, targeting around $103,000, and then look towards $105,000.