Bitcoin was once again doused with cold water amid the market's clamor, with the price dropping from the historical high of 108,353 USD at 10 PM on the 17th to a low of 98,802 USD at 10 AM today, a drop of 9,551 USD, marking a significant decline. In fact, the market's high sentiment led to frenzied buying, resulting in many bullish contracts being held, making a washout inevitable. The expert reminded everyone in the analysis article the day before yesterday that when the bullish pattern of Bitcoin is evident, do not chase after buying high; instead, buy in batches after a sufficient pullback. The price has deliberately fallen below 100,000 USD, and the expert believes the pullback is nearing its end, with the price set to begin a fluctuating upward pattern.

Bitcoin continues to break new highs, with the latest peak reaching 107,793. The price has moved far away from the fear of the $100,000 mark, which has shifted from resistance to support. This indicates a further strengthening of bullish consensus.
In the previous article, it has been communicated that Bitcoin will continue to maintain abundant momentum. The basis for this analysis was that the market continues to buy, holding positions steadily, and ETFs are continuously bringing in new funds, which means that it can fully absorb the profit-selling pressure in the market. It is believed that the bullish momentum will continue and there is no basis for concentrated selling. Short-term surges followed by pullbacks are normal, as there are sellers in the market fearing heights. Currently, there is a little over a month left until the official inauguration of Old Trump on January 20 next year. During this period, the bullish atmosphere and positive factors in the market are present, and everyone's enthusiastic minds are filled with limitless imagination, providing ample support for Bitcoin.

Bitcoin started to decline again at 11 PM on the 9th, until it experienced the last K-line drop at 5 AM on the 10th, with an overall drop of nearly 6000 USD, hitting a low of 94150, leading the entire crypto market to experience an extreme drop from 4 AM to 5 AM yesterday. In fact, such behavior is not surprising, as every bull market will have such extreme trends. Since November 5, after Trump’s election victory, the entire mainstream altcoin market has risen to a new level, with sustained interest for a month, and most gains achieving a range of 100%-200%. Too many long positions have accumulated profits, thus the price correction for long positions is inevitable.

Bitcoin began to end its sluggish behavior around 95000 at 1:00 AM yesterday, starting a sustained rise. The price first reached around 98500 USD for a break at 6:00 AM yesterday. It is only 1500 USD away from 100000, needing just a 1.5% rise to break through. After the bulls rested for a few hours, they launched an assault at 10:00 AM, and the price began a rapid and significant increase, with a large bullish hourly candle breaking through the 100000 USD round number. The hourly chart continued to show a large bullish candle, reaching a maximum of 104088 points, successfully breaking away from the sensitive area of 100000 and continuing to shine, bringing a historically shocking scene.

Bitcoin continues to face pressure near the upper boundary around 99000. Is it a breakthrough or a continued downward adjustment? In fact, both probabilities are 50%. Last week, a special article was written about how Bitcoin faces the hundred thousand mark. Due to long-term holders selling for profit, the price needs to undergo sufficient turnover at high levels to reduce immediate profit-taking, allowing the price to rise smoothly and continue to increase. As there is still plenty of time in the bull market, it is believed that Bitcoin still has higher expectations. Although expectations are abundant, the market shows hesitation at the hundred thousand mark, and the buying power is not very strong. A pullback to test support is also not a low-probability event. Therefore, when participating in spot trading, everyone should control their positions within 60% and set defensive measures according to their holding style.

Currently, market enthusiasm remains high, and while BTC stabilizes in price, other cryptocurrencies continue to be active, allowing for mid-to-short-term testing of spot holdings. Today, a spot recommendation for ENA is provided. Before 10:30 AM today, many crypto enthusiasts received buy suggestions from the badge, and subsequently, the badge completed the initial draft of the ENA analysis article before noon. Due to some busyness after analyzing Bitcoin, the remaining work on ENA was completed in the evening. Currently, the price has increased by 10%. It is evident that direct communication with the badge can yield faster entry strategies.

After the Medal issued a warning of a drop near $100,000, the price of Bitcoin dropped from 99,588 to a maximum of nearly $9,000 to a minimum of 90,791. After that, the price held the 90,000 integer mark and began to rebound to a maximum of 97,200. As the bullish atmosphere in the entire market is still full, it is normal for the price to be pulled up and rebounded at any time after a relatively ideal decline. Many mainstream copycat currencies have continued to climb back to their own rising channels.
As for the future trend of BTC, as the price continues to approach the previous high during the upward process, it will still face a sell-off and fall. After all, holders who failed to escape at high prices will choose to sell and observe. The 100,000 integer mark is not as easy to break through as everyone imagined. In addition, according to the data obtained by the Medal, long-term holders have been shaken and a sell-off trend has appeared. Although many institutions and large investors have claimed to buy at high prices, buyers will do some situational thinking after fully considering the current price and room for growth. The hesitation will cause the market to have poor ability to take over, and the price will continue to decline before they have the confidence to buy a rebound.