11.8 Federal Reserve interest rate cuts take effect, latest analysis of Bitcoin's market trends
After a day of sideways consolidation around $75,000, Bitcoin has once again launched a nighttime rally, and trading volume has also shown an increasing trend. Bitcoin successfully broke through its historical high, rising to a peak of $76,484. From a technical structure perspective, Bitcoin's trend continues to maintain an upward momentum. Both from various technical indicators and from charts of different timeframes, it is evident that Bitcoin remains within an ascending channel. This kind of trend often does not provide much room for pullbacks, and the lower support levels are difficult to breach easily. Therefore, for those who hold deeply trapped short positions, it may have already lost its significance to continue holding. Recently, Bitcoin's upward trend remains strong, and the short-term range fluctuations are also a normal market behavior. From the current situation, Bitcoin is still generally in an upward trend. Moreover, as the market gradually rises, the momentum for adjustments may weaken, while the upward movement may become more pronounced. Today's short-term trading suggestion: Short Bitcoin around $76,400 to $76,700, with a target of $75,300 to $74,800 for long positions. We need to see if the market can trigger at $74,500 - $74,800; if the price can reach this, then we can go long.