Bitcoin is currently on the lower track of the Bollinger Bands for 1 hour, 4 hours, daily and 3 days.
At present, the downward trend is becoming more and more obvious, especially the 1 hour and 4 hours gradually tighten the amplitude of the Bollinger Bands in the oscillating downward trend, which will bring more pressure to the effective support of 61,200 below.
However, from the perspective of the RSI index, the index is currently falling rapidly to around 34. Once it falls below 30 and touches the oversold sentiment, it will usher in a rebound with support. In the rebound, we need to pay attention to whether the rebound can successfully break through the daily resistance level and return to the safe range. The current daily resistance level is around 65,600. Once the key resistance level cannot be effectively broken, the technical side still looks at a oscillating decline.
It is worth mentioning that the closing of the U.S. stock market last night was still very good, but driven by the sentiment of the U.S. stock market, Bitcoin still did not achieve a rebound and stand firm in a key position. The current sentiment is indeed much weaker.
