Yesterday, the market was once again pressured at the 100,000 mark, which indicates that the pressure at this position is still quite substantial, and further retracement is needed to gather strength.
After the decline during the day session, the night session did not show much reaction but formed a sideways fluctuation at a low level, which indicates that the night session seemingly does not want to continue the decline. Moreover, the Asian and European sessions exhibited a trend of consolidating and absorbing positions.
From the 4-hour structure chart perspective, the market once again experienced a situation of consecutive bearish candles; however, the downward trend could not be sustained and entered a sideways state, waiting for buying interest to intervene. In the short term, a fluctuating range is expected to form, as neither the bulls nor the bears currently have the momentum to continue their trend, so, given the current market situation, it can be treated as a sideways fluctuating market.
Bitcoin has retraced to around 95,000 for long positions, targeting around 98,000.
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