Yesterday, the BTC market showed a sideways upward trend, reaching a peak of 107759.8 points and finally closing at 107374.9 points, with a daily volatility of 3.18% and a price increase of 1.75%. However, the closing price is below the 5-day moving average, and from a longer time frame analysis, the bearish forces currently dominate.
As of the time of writing, there were only 50 projects rising, while as many as 500 projects were falling, indicating extremely weak overall performance. Reviewing yesterday's analysis, once BTC and Ethereum effectively break below the 233 moving average on the 4-hour chart, the market is likely to decline rapidly. Last night's market movement validated some viewpoints, as a small-scale strong rebound occurred at this key position, but this is very likely to be a trap for buyers. This morning, the price trend resembled a 'draw door,' quickly giving back gains, almost entirely confirming
