Market Review:
Yesterday, Bitcoin price experienced significant short-term volatility. The chart shows that starting from a high of $70,881.0, the price of Bitcoin gradually declined and eventually stabilized around $64,084.5. The market sentiment appears to be more cautious. The bullish forces failed to effectively promote the price rebound yesterday, and the overall market showed obvious weak characteristics.
Daily Line Analysis
From the daily chart of Bitcoin, the price has continued to decline in the past few days and is currently testing the support level near $64,000. The previous bullish trend has obviously weakened, the price has fallen below multiple short-term moving averages, and the fast and slow lines in the MACD indicator show a trend of continuing to diverge downward, indicating that the selling pressure in the market still exists in the short term. Bitcoin is currently near an important support level. If it cannot stabilize here, it may continue to test lower support levels.
Operation suggestion: It is recommended to continue to wait and see at the daily level, waiting for the market to further confirm the bottom. If the price can stabilize in the current area and rebound with large volume, you can consider moderate intervention.
![](https://public.bnbstatic.com/image/pgc/202408/97d4246909165369c860ce5580ad102b.png)
Four-hour analysis
From the four-hour chart, Bitcoin price has fallen sharply after testing the previous high of $72,000, and is currently looking for support around $64,000. The short-term moving average diverges downward, indicating that the market is still in a weak adjustment. The green column in the MACD indicator is shortened, indicating that the short-selling force has weakened, but the bulls have not yet exerted significant strength, and the market may further decline.
Operation suggestion: It is recommended to wait patiently for the confirmation of the support level at the four-hour level. If the price can stabilize and break through the key resistance level at the four-hour level, there may be an opportunity for a short-term rebound.
![](https://public.bnbstatic.com/image/pgc/202408/1e00e7b0015b019e2adbe74bdbb138b9.png)
One hour analysis
On the one-hour chart, Bitcoin shows a relatively obvious oscillating trend. The current price fluctuates around $64,000. In the short term, it is suppressed by the moving average and the rebound is weak. The MACD indicator shows that the short-term market is still digesting the previous decline, and the short-term momentum has weakened, but there is no clear reversal signal yet.
Operation suggestion: At the one-hour level, short-term investors are advised to pay close attention to the support level of $64,000. Once it falls below, it may trigger further downside risks. If there are signs of stabilization in this area and accompanied by an increase in trading volume, you can consider participating in the rebound in the short term.
![](https://public.bnbstatic.com/image/pgc/202408/818772a7626510b3776c13db115ddcb1.png)
risk warning:
The current market is volatile, so investors need to be cautious, avoid emotional trading, and control their positions reasonably.
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