Bitcoin is currently in a fluctuation range of 114,000 to 117,000, with light trading in the market and a lack of breakthrough momentum.
Key Position Analysis:
Resistance above: A significant resistance is formed near 117,500, where multiple attempts to break through yesterday failed to hold, accompanied by long upper shadows, indicating heavy selling pressure. In the short term, this can be regarded as a defensive level for bears.
Support below: 114,300 is a recent low point that has been tested multiple times. If it breaks below this, the next support level is seen in the 113,000-112,000 range, where there may be strong buying interest.
Technical Indicator Signals:
· The moving average system shows a bearish arrangement, with a weak short-term trend.
· MACD is below the zero axis, in a death cross state, indicating that bearish momentum is still being released.
· The lower band of the Bollinger Bands is extending downward, and the short-term downside risk has not been resolved.
Operational Strategy:
The current market shows weak fluctuations. If the price rebounds above 116,500, consider short-term short positions, with target levels at 113,400, 112,000, and even the 110,000 round number.
