Bitcoin Soars and Then Falls: The Battle for Key Positions Begins
Last night, Bitcoin experienced a roller coaster market, quickly rising past $108,950 after the US stock market opened, but suddenly plummeting in the early morning to give back all gains. This daily candle with a long upper shadow reveals the fatigue of the bulls—although the trading volume doubled compared to the weekend, it is still below last week's weekday levels, indicating that major funds are still in a wait-and-see mode.
Currently, the price is hanging above the crucial dividing line of the daily MA30 moving average. The MACD indicator shows that the downward momentum is weakening, but a clear reversal signal has not yet formed. If the pullback during the day can hold the support at $102,700, the evening opening of the US stock market may reignite the offensive. However, it is necessary to be cautious; only if the price can remain above the MA30 moving average for three consecutive days can we confirm a trend reversal, otherwise, a decline to support levels of $97,670 or even $95,860 may occur.
The upper level of $110,300 constitutes a strong resistance zone; if it can break through with increased volume, it may target $120,400. However, given the current volume levels, a direct breakthrough is quite challenging, and it is more likely to maintain a fluctuating pattern between $102,700 and $110,300.
For investors, it is crucial to remain patient at this moment:
If there is a rebound to the $108,000-$110,000 range and signs of stagnation appear, consider gradually reducing positions.
A bounce off the $102,700 support level would present a buying opportunity.
Be cautious if it clearly breaks below $95,860, as a deeper adjustment may be imminent.
The market is waiting for a clear signal, and tonight's trends in the US stock market may provide crucial guidance. Remember, before the trend becomes clear, preserving ammunition is more important than charging blindly.
