The price of Bitcoin has fluctuated sharply again📉, breaking the key support levels of the daily and monthly lines.
🌙As soon as the data was released last night, the US stock market fell, and Bitcoin also started a new round of decline and rebound. At present, the price of Bitcoin has fallen below the 1-hour, 4-hour and daily Bollinger bands, but there is no clear sign of stopping the decline for the time being.
🔍In the current market environment, we pay special attention to the support level near 61,200. This support level is not only mentioned many times in our analysis, but also based on the golden section point of the Fibonacci sequence, and the technical support value is extremely high. But🤔, we must also be vigilant whether this decline is mainly affected by market sentiment, which is crucial to the effectiveness of the support level.
📈In addition, this support level is also a key position of the M-top pattern. If the price of Bitcoin effectively falls below this position, the M-top pattern will be confirmed, and the possibility of continued price decline will be further increased. But please note that this judgment is based on the natural trend of the market. We will not consider the impact of last night's data and external interference such as geopolitical factors for the time being.
💹 In terms of short-term rebound, 65,000 and 68,200 are two important resistance levels. We can pay close attention to the breakthrough of these two positions and use this as a basis to judge the short-term market trend.
📊 At present, the RSI relative strength index has fallen below 30 and is now at a low of 27, showing the potential sentiment of oversold rebound. Given that the recent decline of Bitcoin is mainly affected by market sentiment, RSI triggers oversold rebound sentiment, which is expected to provide strong support for the rebound of the 61,200 support level.
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