After surging to around 81900 last night, Bitcoin was hit by a rebound from the bears, but quickly halted its pullback near 80800 in the early hours, indicating strong buying support below. The price has now returned to around 81200. Structurally, yesterday’s pullback after the rally did not break key support, and the 80800 level has formed the preliminary shape of a short-term double bottom. The retracement was also limited, constituting a healthy correction within a strong market.
On the moving-average system, short-term moving averages are beginning to turn upward, with the price reclaiming 81200 and the bullish alignment recovering. If the 80800-81000 support zone holds during the day, the price is expected to challenge the previous high near 81900 again. A breakout would further open up upside toward around 82500.
In terms of trading, remain bullish on a pullback that holds above 80800, with 81900 as the initial target and continued holding after a breakout. Overall, continue to focus on buying dips, with particular attention to the effectiveness of support at 80800. As long as this level holds, the short-term bullish structure will remain unchanged.
On the moving-average system, short-term moving averages are beginning to turn upward, with the price reclaiming 81200 and the bullish alignment recovering. If the 80800-81000 support zone holds during the day, the price is expected to challenge the previous high near 81900 again. A breakout would further open up upside toward around 82500.
In terms of trading, remain bullish on a pullback that holds above 80800, with 81900 as the initial target and continued holding after a breakout. Overall, continue to focus on buying dips, with particular attention to the effectiveness of support at 80800. As long as this level holds, the short-term bullish structure will remain unchanged.
