BTC Trend Analysis: Weak Rebound After Overselling, Short-term Downward Risk Remains
Yesterday morning, BTC experienced a wave of weak rebound after overselling on the hourly chart, but market sentiment weakened afterward, and the price began to decline, even showing a rare 13 consecutive bearish candles. After the U.S. stock market opened, selling pressure intensified, and Binance's spot price dipped to around 103,371, followed by a slight rebound in the early hours, currently trading around 104,800.
From the daily chart, BTC formed a long bearish candle with significant upper and lower shadows, and the trading volume increased by about one-third compared to the previous day. Although there was an attempt to break through the daily MA30 resistance during the day, it ultimately failed to hold, and the price slightly rebounded after falling back to around EMA52.
It is worth noting that the EMA52 moving average still provides some support, but with multiple failed rebounds, its support function is weakening, and market bullish confidence is gradually being eroded. A rebound may still occur during the day today, but if it cannot hold the key resistance level, there may be another downward test.
Key Levels Reference
Resistance Levels: 106,800 → 110,300 → 120,400 → 130,000
Support Levels: 102,800 → 97,670 → 95,860 → 93,530
The current market is still suppressed by macro factors, and short-term trading requires caution. If the rebound is weak, further pullback risks should be anticipated.
