Bitcoin: Can the bulls hold on?
Judging from the current trend of Bitcoin and the overall market sentiment, the pressure level of 28,500 above is too strong to break through in the short term. There is a need for Bitcoin to withdraw, but the 27,000 below is still the key support for Bitcoin.Yesterday, Bitcoin broke through the recent high and stood near 28472, and then retreated to near 27300. It seems that Bitcoin will be trading sideways at least in the short term.
https://www.tradingview.com/x/Hyq4CkVm/
At present, the Bitcoin price is oscillating back and forth at a high level, and the pressure above is strong, making it difficult to break through in a short period of time. Even if the Bitcoin price can continue to rise, it will at least need to be confirmed by stepping back to accumulate upward momentum during the rise, so there is a demand for retracement in the short term.
On the other hand, the supply of Bitcoin on exchanges has increased significantly in the past week or so, which may also mean that BTC may face selling pressure.
In the short-term treatment, the lower support is near 27500, and the initial pressure above is near 28500.
In order to facilitate everyone to continue to follow up on my analysis and sharing, you can like and follow me; in addition, I will share the daily real-time strategy in the channel. If you can't follow up in real time, you may make operational errors.You can use the following methods to enter my channel for free to follow the latest news and follow up on market trends in real time.
https://www.tradingview.com/x/Hyq4CkVm/
At present, the Bitcoin price is oscillating back and forth at a high level, and the pressure above is strong, making it difficult to break through in a short period of time. Even if the Bitcoin price can continue to rise, it will at least need to be confirmed by stepping back to accumulate upward momentum during the rise, so there is a demand for retracement in the short term.
On the other hand, the supply of Bitcoin on exchanges has increased significantly in the past week or so, which may also mean that BTC may face selling pressure.
In the short-term treatment, the lower support is near 27500, and the initial pressure above is near 28500.
In order to facilitate everyone to continue to follow up on my analysis and sharing, you can like and follow me; in addition, I will share the daily real-time strategy in the channel. If you can't follow up in real time, you may make operational errors.You can use the following methods to enter my channel for free to follow the latest news and follow up on market trends in real time.
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