$BTC Monthly Hare Multidimensional Comprehensive Index Analysis

As of now, the price of BTC on Binance is $59,438, up 0.96% in the past 24 hours. However, from a technical analysis point of view, BTC has shown some signs of weakness in the near term.

Analysis using the Multidimensional Composite Index (MCI)

1. Moving Average (MA):

Currently, BTC's short-term moving averages (such as 10-day and 50-day) show a slight downward trend, indicating that there is more pressure in the short term.

2. Relative Strength Index (RSI):

RSI is close to a neutral position (around 50), but there is a risk of further decline, indicating that market sentiment is slightly bearish.

3. Bollinger Bands:

BTC price is close to the lower track of the Bollinger Bands, which means that there may be room for further decline, but it may also trigger a short-term rebound.

4. MACD:

The MACD indicator shows a sell signal, and the momentum is weak in the short term, which may further test the support level.

5. Volume Analysis:

The volume has declined, which usually indicates that the market momentum is weakening and the price may adjust further.

6. Fibonacci Retracement Line:

The key support level is around $58,567, which is a low point that may be hit in the short term. If the price falls below this level, it may further drop to the $56,011 area.

Comprehensive Conclusion

Taking into account the comprehensive analysis of the above indicators, BTC may continue to be under pressure in the short term. If the price cannot maintain above $58,567, there is a risk of further decline. In this case, you can consider taking profit near $56,011. If the market rebounds and breaks through $60,000, it may mean that the downward pressure in the short term has been released and the market may rebound.