Hourly level daytime fluctuating downward, influenced by the short-term favorable impact of CPI data before the US stock market opens, the price begins to surge upward. After a wave of upward movement following the stock market opening, it starts to fluctuate downward. Currently, after touching the 2-hour EMA52 line ($108000), a short-term rebound occurs.
The current level is experiencing a rebound within the daily line, with the 2-hour rebound showing insufficient upward momentum, returning to the 2-hour EMA52 line for another rebound. We need to continue observing the specific strength of the rebound; I personally feel that the rebound strength will not be too strong, and then it will continue to decline towards the 4-hour support level (around 107000) before rebounding again.
The daily line shows a small bearish candle with a short lower shadow, and the trading volume is less than the previous two days. The price is rising, but the trading volume is decreasing, which is not a good sign. The price is still operating above the MA30 line, which shows a slight upward trend.
The next two days of trading are very important. If a bearish candle forms, then the MACD will show a weakening of upward momentum transitioning to an enhancement of downward momentum, causing the candlestick pattern to form a double top, leading to further price declines.
As for how it will move next, we will observe while proceeding.
Daily level resistance is at 120400-130000, support is at 107000-101260-97670-95860-93410.
From the Bitcoin liquidation heat map data, it can be seen that regardless of whether the price rises or falls, there is a large amount of contract liquidity waiting to be liquidated, indicating that the trend is still dominated by the contract market.
Price is rising, with a large number of significant and super significant short positions waiting to be liquidated in the 110200-114150 area.
Price is falling, with a large number of significant and super significant long positions waiting to be liquidated in the 107950-104450 area.
