$BTC Today's tug-of-war between bulls and bears!
In the early session, it rose to 105283, but now it has fallen back to around 104328, with support at 103336 below. The short-term moving averages MA7 and MA30 have converged, indicating that both sides are fiercely competing at this price level, neither side is willing to back down.
Recently, trading volume has been lukewarm, with neither a sudden spike leading to a crash nor a strong surge pushing prices up. It's clear that short-term funds are on the sidelines, waiting for a clear direction.
Looking at recent news, although some institutions keep touting the long-term prospects of cryptocurrency, the market is currently more focused on how the macro economy will change and whether regulatory policies will take action, which has weakened BTC's momentum after its recent highs.
Other bloggers have mentioned that the current pullback is a normal technical adjustment, especially since it had risen too quickly and accumulated a lot of profit-taking positions; a retracement to the moving averages is considered healthy.
There are also concerns that an unstable macro environment could drive funds away—if U.S. stocks suddenly plummet, BTC, being a highly volatile asset, is likely to be affected.
However, from my perspective, the support in the range of 103000 to 104000 is quite solid, and the trading volume hasn't significantly increased, indicating that there is no panic selling. It seems more like profit-taking, with funds changing hands.
But we should stay alert; if the MA30 moving average (currently around 104500) is not reclaimed in the next few hours, we might have to test the previous low support again. At that time, we should closely monitor any changes in trading volume.
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