$BTC

  • Current price: 64,230 USD (according to CoinGecko).

  • Volatility in the last 24 hours: Down 3.73%.

  • Trading volume in the last 24 hours: 38,361,606,478 USD.

  • Market capitalization: 1,266,464,330,269 USD.

  • Highest price in the last 24 hours: 67,073 USD.

  • Lowest price in the last 24 hours: 63,880 USD.

  • Technical analysis

Wyckoff re-accumulation model

Based on the Wyckoff model chart analyzed previously:

  • Spring: Completed, marking the reversal from downtrend to uptrend.

  • Test: Price retested the Spring low and confirmed the reversal.

  • LPS (Last Point of Support): Currently in the LPS phase, marking the final support levels before starting a new uptrend.

  • SOS (Sign of Strength): Signs of strength have begun to appear when the price breaks through the resistance level.

Other technical indicators

  • RSI (Relative Strength Index): This index needs to be checked to determine if BTC is overbought or oversold. An RSI above 70 suggests BTC may be overbought; Below 30 shows that BTC may be oversold.

  • MACD (Moving Average Convergence Divergence): Evaluate whether the MACD line crosses above the signal line to confirm the uptrend.

  • Moving Averages:

  • 7-day, 25-day, 99-day SMA: Current BTC price is below these SMA lines, indicating a short-, medium- and long-term downtrend.

  • Basic factor

Market news

  • Bitcoin ETFs: The approval of Bitcoin ETFs in the US has created a large capital inflow into the market.

  • MT. Gox: Settlement of payments from Mt. Gox has created great selling pressure.

  • Interest rates: Moves from the US Federal Reserve (Fed) to cut interest rates could spur BTC price growth again.

  • Forecasting and strategy

Short-term forecast

  • BTC could fluctuate around $64,000 - $67,000 in the next few days. Investors should closely monitor signals from technical indicators and market news to make timely decisions.

Long-term forecast

  • With the upcoming Halving and the growing adoption of BTC, the price could reach $90,000 by the end of 2024.

Trading strategies

  • Buy: If the Wyckoff pattern continues to hold true, confirmation of the LPS and SOS periods will be a strong signal to buy.

  • Sell: If there is a break below Spring and Test support, this could be a sell signal.

Conclude

  • Risk management: Set stop-loss levels below key support levels to protect capital.

  • Monitor the market: Regularly update market developments and news to adjust strategies promptly.