Important news in the last 24 hours:
1. Zhao Changpeng: Do not predict crypto trends, only act as a follower and contributor;
2. Solana co-founder: The virtual machine is not important before it slows down the system speed;
3. Musk: Community Notes is completely decentralized and open source;
4. Vitalik asks the community what characteristics they want long-term network status nodes to have;
5. El Salvador has increased its holdings by 53 BTC in the past 30 days, currently holding over 6002 BTC;
6. MicroStrategy's stock price has fallen about 45% from last month's peak to around $300;
7. Wu Jiezhang: Advocating the 'Digital Passage' to open special channels allowing mainland investors to buy and sell recognized digital assets.
BTC market analysis
Bitcoin continued to drop last night because we saw that the price had fallen to the previous key support point around 92000. In yesterday's analysis article, we mentioned that the price was very likely to break below here.
However, if it breaks below here and can quickly rebound, that is, a false breakdown, then we believe that if this situation occurs, there will be an opportunity for bulls.
Then, after Bitcoin's price fell below 92000 yesterday, the lowest price so far has touched around 91500; after that, we can see that the price rebounded quickly, suddenly reaching around 95000. This rebound is very significant from a smaller level, but the subsequent trend of the rebound did not continue.
After the price reached around 95000, it quickly dropped again, but we can also observe from the above chart that after this drop, Bitcoin's price was able to temporarily stabilize above 92000.
So far, it can be observed that the current price is showing signs of stabilizing above 92000, and it can also be seen that the bulls are still fighting hard.
Although the competition between bulls and bears at this position is very intense, in my personal view, the bulls have a slight advantage.
First, after the Bitcoin price broke below 92000, there was immediately a rapid rebound, and this rebound reached above 95000. It can be observed that the price broke through the previous high of the sideways consolidation, then the subsequent bears exerted force again, pushing the price back down to the current level near 92000.
Although the bulls were quickly knocked down, after the bears pushed the price down, it was found that the price did not reach a new low, but the previous counterattack by the bulls started to create new highs.
That is to say, the bears have the advantage slightly, unless the price falls below around 91500 again, in which case the bears are likely to dominate the market before pushing the price down to new lows.