#PowellRemarks Bitcoin has shown a clear trend of narrow fluctuations recently, near the price level of 105000. This sideways market behavior is, in fact, balancing the costs of holdings for both parties, accumulating energy for the big fluctuation that is approaching. Market rules indicate that the longer the duration of the fluctuation, the greater the range of the subsequent price fluctuation is likely to be.
From a technical perspective, the probability of a downward breakout after this fluctuation phase is quite high. The main reason is that Bitcoin has already risen for seven consecutive weeks, and the current correction still seems insufficient. It is worth noting that the level of 105000 points has already been considered by many bullish investors as a support line and a stop loss point. Therefore, during the future correction process, it is very likely that the price will break this critical area in search of a new support.
