Bitcoin is swaying, and the price has reached today's highest point of $98,384, just over 1,500 points away from $100,000, which is less than a 2% increase. If we look solely at the four-hour and daily chart patterns, Bitcoin's upward trajectory is very healthy, with little price pullback and a good rebound, indicating strong buying pressure below. However, from the perspective of daily and weekly indicators, overbought conditions are quite severe, and typically, such situations carry inherent risks. This does not mean the bull market is peaking, but rather that there may be a significant liquidation of long positions, as the continuous rise has accumulated too many profit-taking orders. At the same time, as the price approaches the psychological barrier of $100,000, it is likely to trigger early selling for hedging by large holders.
According to analysis from current indicators and historical experience, a significant pullback cleansing is likely very close. Typically, the cleansing force of major indicators falls within the range of 6,000 to 12,000 points. At this point, it is hoped that everyone can reduce their spot holdings for hedging, while using contracts to defend and shift towards short positions. After a sufficient pullback, one can then increase positions and engage in long strategies.
Cryptocurrency enthusiasts must watch: the manipulation tactics of major players are diverse, and ordinary participants can easily be misled and incur losses. Keep a timely eye on updates, helping you stand at a higher vantage point and pursue wealth in the crypto space with a professional perspective.