7.24 Cryptocurrency Mr. Coin: Bitcoin (BTC) Market Analysis Reference

Yesterday, Bitcoin's market saw a spike and then a pullback in the early hours, with prices rebounding near the 120,000 level under pressure, followed by a break leading to a downward trend. Currently, it has retraced again to the 117,250 line for a rebound. The overall market is maintaining wide fluctuations, with the current price operating in the vicinity of 118,300.

From the daily chart perspective, the market has failed to stabilize above the 120,000 line despite multiple rebounds, and the price break is leading to further declines. In the short term, the 120,000 round figure is forming resistance; if the market cannot generate a strong rebound within the day, the price may continue to experience wide fluctuations.

On the short-term hourly chart, the Bollinger Bands are contracting, with prices retracing to operate in the middle-lower band area. The short-term trend is under pressure around the 119,000 position. Although it has touched the 117,000 line for a rebound, frequent long wicks are appearing below, indicating that the support below is relatively strong. If it cannot break through 119,000 shortly, there is a possibility of retracing to the 117,000 line. Therefore, it is not advisable to blindly chase long positions; caution is advised for potential further declines. Upper resistance to watch is at 119,500 and 120,000, while lower support to watch is at the 117,000 line.

7.24 Bitcoin Short-term Reference:

Lower test entry point 119,900 - 121,000, stop-loss 122,500, target below 119,000,

Upper test entry point 117,500 - 116,500 long, stop-loss 500, add at 114,500, target above 118,500,

The publication of this article has a delay, and strategy suggestions are for reference only. The market is ever-changing; no matter how high the confidence in market judgment, take profit and stop-loss must always be managed well. Lock in profits for safety #BTC #BTC走势分析 #ETH #RWA热潮